PTB released 9M 2019 results with revenue of VND3.9tn (USD167mn, +23% YoY) and NPAT-MI of VND302bn (USD13mn, +18% YoY), completing 68% of our full-year NPAT-MI forecasts. In Q3 2019 alone, revenue rose 7% (slower than H1 2019’s 23% YoY) due to an expected deceleration in auto sales growth along with a decline in wood revenue. Per management, the reduction in Q3 2019 wood revenue was non-structural as Q3 is typically a low season for this business.