MWG released 2018 results including net revenue of VND86.5tn (USD3.7bn, +30% YoY) and NPAT-MI of VND2.9tn (USD124mn, +31% YoY). Details for each business are not available at this point. Overall, 2018 operating profit was in line with our expectation as a lower-than-expected G&A/revenue % offset a weaker December 2018 top line than we projected. 2018 NPAT-MI missed our forecast by 2% due to a higher-than-projected effective tax rate, which, in our view, could be primarily attributed to larger