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NVL - Financial expenses weigh on H1 2018 earnings - Earnings Flash

NVL posted H1 2018 results with net revenue of VND4.3tn (USD188mn, +29% YoY) and NPAT-MI of VND723bn (USD32mn, -13% YoY). The earnings growth trailed revenue growth mainly due to surging financial expenses vs H1 2017 as expected. Although H1 2018 NPAT-MI accomplished only 24% of our full-year forecast primarily due to handover timing related to revenue recognition, we still expect NVL’s top-line and bottom-line growth to accelerate in the coming quarters thanks to a faster pace of handovers and