VEA’s 9M 2018 results re-affirm our bullish view on the company’s earnings prospects premised on its exposure to the extensive motorbike and fast-growing car sectors in Vietnam. 9M 2018 NPAT-MI surged 35% YoY (Q3 2018: +27% YoY) to VND4.8tn (USD207mn), solely driven by shared profits from automobile associate companies, including Honda Vietnam, Toyota Vietnam and Ford Vietnam. This result tracks well with our expectation. Meanwhile, combined operating losses from core businesses reached VND94bn