BSR released Q4 2020 results with revenue of VND17.1tn (USD735mn; -40.7% YoY) and net profit of VND1.3tn (USD54mn; -17.2% YoY), which we attribute to a sales volume drop of 16.5% YoY and lower crack spreads. However, Q4 crack spreads recovered from 9M 2020’s low base, bolstering the rebound in BSR’s Q4 bottom line vs net profit of VND171bn (USD7.3mn) in Q3 and a net loss of VND4.2tn (USD182mn) in H1 2020.