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MSN - Core businesses remain positive - Earnings Flash

MSN announced H1 2018 results including revenue of VND17.5tn (USD749mn, -3% YoY) and NPAT-MI of VND3.03tn (USD130mn, +566% YoY). The bottom line included a one-off, non-cash accounting gain of VND1.5tn (USD63.2mn) from a “deemed disposal” of Techcombank (TCB), which derived from TCB’s recent capital raising that resulted in a reduction of MSN’s ownership in TCB. Excluding this one-off gain, core NPAT-MI would still have rocketed 243% YoY in H1 2018.