DHG released 2018 results that included revenue of VND3.9tn (USD174mn, -4% YoY) and NPAT of VND654bn (USD29mn, +2% YoY). In-house product revenue inched up 4% vs 2017, which is broadly in line with our expectation. However, 2018 EBIT surpassed our forecast by 4% mostly thanks to a higher-than-expected GPM for in-house products in Q4 2018.