VIC posted Q1 2019 net revenue of VND22tn (USD1bn), down 23% YoY mainly due to a temporary slowdown of property sales. Meanwhile, NPAT-MI grew by 13% YoY to reach VND1tn (USD45mn), primarily driven by a VND2.2tn (USD100mn) post-tax gain from land bank divestments including Me Linh project in Q1 2019 as Vinhomes started its institutional sales activities. If excluding these transactions, these underlying results would have relatively trailed our 2019F forecasts. However, we anticipate no material