NKG continued to report significant divergence between revenue and NPAT-MI results in Q4 2018 with modest revenue growth of 4% YoY but a sizable loss of VND173bn (USD7.5mn), mainly due to heavy gross margin contraction and rising interest expense. This loss caused NKG to finish 2018 with only VND57bn (USD2.5mn) in NPAT-MI, falling by 92% YoY, despite 17% revenue growth. As 2018 NPAT-MI missed our forecast due to higher-than-expected margin compression together with a tough ongoing industry lands