NVL posted 2018 results with net revenue of VND15.3tn (USD656mn, +31% YoY) and NPAT-MI of VND3.2tn (USD139mn, +59% YoY), accomplishing 88% and 104% of our forecasts, respectively. Net revenue trailed our forecast due to lower-than-expected scheduled deliveries in Q4 2018. However, this was outweighed by stronger-than-expected profitability in the core business. As such, this improvement could lead to a 5%-10% upside risk to our current 2019F NPAT-MI forecast of VND3.5tn (USD152mn, +9% vs 2018).