HDB released results for H1 2018 with a consolidated bottom line of VND1.7tn (USD73.9mn, +132% Y-o-Y, 58.3% our current FY2018 forecast) and annualized ROAA and ROAE at 1.5% and 18.2%, respectively. HD Saison contributed 19.2% to consolidated earnings in H1 2018 from 38% during FY 2017. We do not foresee major changes to our assumptions in the next update.