PVT – Fleet expansion drove earnings growth – Earnings Flash

• Strong performance of newly-acquired tankers throughout 2Q18-2Q19 helped 1H19 blended gross margin expand by 2.3% pts.
• 1H19 net profit rose 16.6% yoy to VND371bn, in line at 52.7% of our full-year forecast.
• We maintain our Add call with an unchanged TP of VND21,000.

Please follow this link for the full report