MSN announced 2017 results including revenue of VND37.6 trillion (USD1.7 billion, -13% YoY) and NPAT-MI of VND3.1 trillion (USD136 million, +11% YoY). While top line came in in line with our forecast, NPAT-MI surpassed our projection by 11% primarily due to (1) higher-than-expected profit contribution from Techcombank (TCB) as TCB’s 2017 standalone NPAT exceeded our forecast by 17%; and (2) larger-than-projected gains from selling TCB convertible bonds (CBs).