PC1’s published strong quarterly results with NPAT-MI surging 1.5x YoY to VND132bn (USD6mn) in Q4 2020. The upbeat results were mainly driven by strong volume growth from PC1’s hydropower portfolio, the handover of the PCC1 Thanh Xuan real estate project and robust revenue booking from the power construction segment. Overall, we see upside risk to our 2021F forecasts — especially due to earnings surprises in the power construction segment — as 2020 NPAT-MI reached VND506bn (USD22mn; +113% YoY),