SAB announced H1 2021 results, in which revenue and NPAT-MI advanced 9% YoY and 3% YoY, respectively. The bottom-line growth was driven by a rebound in beer sales from a low H1 2020 base as well as 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 slid 5% YoY in H1 2021.