TPB released strong results for FY2018 with a PBT of VND2.3tn (USD100mn, +87.3% YoY), completing 101.8% of our full-year forecast. In particular, Q4 2018 achieved a PBT of VND515bn (USD22.4mn; +104.3% YoY). As such, we do not anticipate material changes to our current forecasts and target price for TPB. We currently have an OUTPERFORM rating on TPB.