PC1 published strong quarterly results with NPAT-MI doubling to VND159bn (USD7mn) in Q3 2020 vs Q3 2019. The upbeat results were mainly driven by strong volume growth from PC1’s hydropower portfolio, handovers of the PCC1 Thanh Xuan real estate project and robust revenue booking from the power construction segment. Overall, we see upside risk to our current forecasts, especially for the hydropower segment, as 9M 2020 NPAT-MI reached VND373bn (USD16mn; +24% YoY), achieving 88% of our full-year