FRT released Q4 2018 results that included revenue of VND4.3tn (USD185mn, +9% YoY) and NPAT of VND120bn (USD5.2mn, +5% YoY). While revenue was in line with our expectation, Q4 2018 NPAT undershot our projection by 20%. Accordingly, for full-year 2018, FRT's revenue rose 16% YoY to VND15.3tn (USD657mn) while NPAT jumped 20% YoY to VND348bn (USD14.9mn), fulfilling 101% and 92% of our respective forecasts.