VNM announced Q1 2018 results with revenue up 0.6% while NPAT fell 8% vs Q1 2017. The YoY decline in NPAT should be viewed in the context that Q1 2017 was a high base in terms of both recognized revenue and profit margins. With that said, we believe VNM’s domestic sales are still trending in the right direction while exports are trailing our projections due to the instability in Iraq, which did not see any clear signs of improvement through April 2018, per management.