PLX posted Q3 2020 results with revenue of VND27.5tn (USD1.2bn; -43.5% YoY) and NPAT-MI of VND854bn (USD37mn; -11.0% YoY). Q3 net profit implies significant improvement compared to a net loss of VND866bn (USD37mn) in H1 2020, which we attributed to stable oil price movement in Q3 vs a widely fluctuating and declining trend in H1 2020 (Figure 2) as well as to a potential recovery of domestic petroleum sales volume. For 9M 2020, PLX’s revenue declined 34.0% YoY while NPAT-MI came in at VND37bn