HND published weak Q2 2021 results with NPAT of VND188bn (USD8mn; -66% YoY). These results were mainly driven by (1) a scheduled reduction in HND’s fixed component in its power purchasing agreement (PPA) price that took effect on January 1, 2021, and (2) lower sales volume due to lower contracted volume and muted competitive generation market (CGM) volume due to unattractive CGM prices. That said, HND’s Q2 2021 earnings were a marked improvement vs a net loss recorded in Q1 2021