STB released consolidated results for Q1 2020 with bottom-line net profit of VND786bn (USD34mn, -6.9% YoY), achieving 24% of our FY 2020 forecast. The decline in NPAT was mainly due to (1) a 76.6% YoY drop in net other income and (2) a 20.8% YoY increase in total operating expense. Annualized Q1 2020 ROA and ROE stood at 0.5% and 9.0%, respectively.