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HT1 - Q2 sales recover, margin jumps amid FX gain - Earnings Flash

HT1 published positive H1 2018 results, in which revenue was flat but reported NPAT-MI surged by 44% vs H1 2017. While a strong recovery in Q2 gross margin and lower interest expenses buttressed H1 recurring NPAT-MI growth of 9%, a sizable FX gain helped to further push up reported bottom line. As Q2 results came in stronger than our expectation, we will revise up our forecasts for HT1 in an upcoming update report.