SAB released Q1 2021 results, in which revenue and NPAT-MI soared 19% YoY and 32% YoY, respectively, on the back of a rebound in beer sales from a low Q1 2020 base and one-off financial income of VND194bn (USD8mn) from divesting a minority stake in Orient Commercial Bank (HSX: OCB). Excluding this one-off item, we estimate that NPAT-MI increased 9% YoY in Q1 2021.