NKG reported Q3 2020 results with revenue up 10% YoY to VND3.4tn (USD146.8mn) and NPAT-MI surging to VND83bn (USD3.6mn) vs VND6bn (USD0.3mn) in Q3 2019 and VND59bn (USD2.6mn) in H1 2020. This robust performance in Q3 2020 was due to a recovery in sales volume as well as strong gross margin expansion on the back of a rebound in hot-rolled-coil (HRC) prices. We also note that NKG’s Q3 2020 result was purely driven by the improvement of core business with no abnormal gains from asset divestments.