DRC announced 9M 2020 results with revenue of VND2.5tn (USD109mn; -12% YoY) and NPAT-MI of VND147bn (USD6mn; -13% YoY). We mainly attribute the decline in DRC’s results to weaker demand for tires amid COVID-19 in both the domestic and export markets while we primarily attribute the higher selling expenses to facilitate selling volume to cope with heightening competition. For Q3 2020, revenue decreased 3% YoY while NPAT-MI plunged 26% YoY. We believe the drop in the bottom line was mainly contr