HND published weak Q3 2021 results with NPAT of VND6bn (USD260,000; -96% YoY).  Despite robust ~20% YoY volume growth, Q3 2021’s earnings were underwhelming due to (1) a scheduled reduction of HND’s fixed component in its power purchase agreement (PPA) price that took effect on January 1, 2021, (2) lower contracted volume that is guaranteed to be sold at a profitable price and (3) relatively low CGM prices. Overall, HND’s 9M 2021 NPAT only reached VND183bn (USD8mn; -80% YoY), completing 40% of our full-year 2021F forecast. Despite the low completion rate, HND’s results tracked well with our expectation as we believe the majority of 2021F earnings will be concentrated in Q4 2021F, pending for a fuller review.