HT1 reported Q1 2021 results with net revenue remaining flat YoY (VND1.7tn/USD75.7mn) while NPAT-MI dropped 9% YoY (VND95bn/USD4.1mn). The YoY fall in NPAT-MI was mostly due to strong gross margin compression as HT1 decreased its selling prices to support sales volume growth. As Q1 2021 earnings results came in weaker than our expectation, we anticipate downside risk to our 2021F forecasts for HT1 as stated in our last Update Report, HT1 [MARKET PERFORM +8.7%] - Decreasing interest expenses