FRT released 9M 2018 results, including revenue of VND11.0tn (USD473.5mn, +20% YoY) and NPAT of VND227bn (USD9.7mn, +30% YoY). This solid performance was bolstered by new sales initiatives, namely F.Friends (a consumer financing program) and telco price subsidy, strong online sales, new store openings and a full contribution from stores opened in 2017. FRT’s 9M 2018 results are broadly in line with our expectation.