QNS released 2018 results including revenue of VND8.0tn (USD345mn, +5% YoY) and NPAT of VND1.2tn (USD53mn, +21% YoY). While 2018 EBIT reached 99% of our forecast, NPAT overshot our projection by 3% due to an unexpected surge in other income, particularly marketing support from suppliers, which is likely to normalize in 2019, per QNS. Having said that, we see potential downside risk to our current 2019 forecast for soymilk (implied revenue growth of 10% vs actual 2018 revenue)