GEX released Q3 2021 results with revenue and reported NPAT jumping 28% YoY to VND6tn (USD263bn) and 71% YoY to VND239bn (USD10mn), respectively. We attribute these strong earnings to a higher income contribution from VGC and a jump in financial gains from securities investment that outweighed weak earnings from the electrical equipment segment. We note that GEX increased its ownership ratio in VGC to 50% in Q2 2021 vs 25% in Q3 2020.