GMD released its Q3 2020 results with revenue sliding 0.9% YoY to VD692bn (USD30mn) and reported NPAT-MI declining 40.3% YoY to VND97bn (USD4.2mn). We believe the weak earnings in Q3 were mainly due to a GPM contraction of 3.2 ppts YoY and lower contribution from GMD’s affiliates as their businesses were affected by COVID-19.