CTD reported weak Q2 2021 results with revenue of VND2.6tn (USD110.9mn; -36% YoY) and NPAT-MI of VND45bn (USD2.0mn; -71% YoY). These results translate to H1 2021 revenue of VND5.1tn (USD222.6mn; -32% YoY) and NPAT-MI of VND99bn (USD4.3mn; -65% YoY). Q2 2021 gross margin inched up to 5.3% vs 4.7% in Q1 2021 but was lower than 5.9% for full-year 2020. CTD’s gross margin of 5.0% in H1 2021 was pressured by 1) high construction material prices (steel prices) and 2) CTD’s margin being pressured by co