VHC released H1 2019 results which included net revenue of VND3.8tn (USD164mn, -6% YoY) and NPAT-MI of VND699bn (USD30mn, +64% YoY). The surge in NPAT-MI was mainly driven by a wider spread between VHC’s export prices and raw fish prices and a one-off divestment profit of VND105bn (USD5mn). Excluding the one-off profit, VHC’s H1 2019 results trailed our expectation due to weaker-than-expected exports in April and May 2019.