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NKG - Margin contraction continues to deteriorate earnings growth - Earnings Flash

NKG reported H1 2018 results with strong revenue growth of 44% YoY to VND7.9tn (USD342mn) on the back of healthy sales volume. However, gross margin compression caused NPAT-MI to drop by 34% YoY to VND230bn (USD10mn) in H1 2018. As H1 2018 NPAT-MI achieved 40% of our full-year expectation, we will likely revise down our forecast for NKG in our upcoming update report.