IMP released its Q1 2021 financial statements, in which net revenue reached VND296bn (USD12.9mn; -2% YoY) while NPAT amounted to VND42bn (USD1.8mn; +2% YoY), completing 17% and 15% of our respective full-year forecasts. We note that in 2018 and 2019 (2020’s quarterly results were abnormally volatile due to COVID-19), Q1 NPAT accounted for 15%-17% of IMP’s full-year NPAT — excluding provisions for the Science & Technology Development fund, which ceased in 2020. Overall, Q1 2021 results are broadl