DHG published its unaudited FY17 financials including net revenue of VND4.1 trillion (USD179 million, +7% vs FY16) and NPAT of VND642 billion (USD28 million, -6% vs FY16). Trading revenue was the major driver of top-line growth, as high-margin in-house product sales only inched up by 0.9% in FY17 vs FY16. These results trailed our expectation and reinforce our conservative view on DHG’s growth outlook against a backdrop of heightening competition in the over-the-counter (OTC)