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HSG - Margin compression continues to wipe away volume gains - Earnings Flash

HSG reported weak Q3 FY2018 results as revenue jumped 43% YoY but NPAT-MI plummeted by 69% to reach only VND82.9bn (USD3.6mn). The large divergence between top and bottom lines continued to be driven by collapsing gross margin and high interest expenses despite healthy sales volume growth. With this result, HSG’s 9M FY2018 revenue and NPAT-MI stood at VND25.9tn (USD1.1bn, +35%) and VND512.0bn (USD22.3mn, -55%), respectively. We will likely revise down our profit forecast mostly