POW released Q3 2020 results with reported NPAT-MI plummeting 85% YoY to VND105bn (USD4.5mn). Overall, POW’s 9M 2020 reported NPAT-MI reached VND1.3tn (USD56mn; -41% YoY), achieving 71% of our full-year forecast (9M 2020 recurring NPAT-MI achieved 64% of our full-year forecast).