ACV’s unaudited results were in line with our forecast, with consolidated 2018 revenue up 16% YoY to VND16.1tn (USD598mn; 103% of our forecast; 100% of company guidance), while NPAT-MI was up 51% YoY to VND6.2tn (USD177mn; 100% of our forecast; 109% of company guidance). We believe top-line growth was mostly driven by higher aeronautical tariffs implemented over Q4 2017 - Q3 2018.