FRT announced preliminary Q1 2021 results, in which revenue climbed 14% YoY to VND4.7tn (USD203mn) while PBT plunged 17% YoY to VND39bn (USD1.7mn). These results achieved 27% and 22% of our respective full-year forecasts. Q1 2021 PBT trailed our expectation primarily due to a worse-than-expected PBT margin — we are obtaining more colors about this from management. Therefore, we see potential downside risk to our current forecasts, pending a fuller review.