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HT1 - 9M results reflect ongoing sales volume recovery, FX gains - Earnings Flash

HT1 published positive 9M 2018 results in line with our forecast. 9M 2018 revenue rose slightly by 1.3% YoY, but reported NPAT-MI surged by 37.8% vs 9M 2017. Volume recovery and a decrease in interest expense underpinned 9M 2018 recurring NPAT-MI growth of 4% YoY, while a lower FX loss further supported the bottom line. Therefore, we do not anticipate a significant change to our full-year forecast and target price for HT1.