PVS released Q3 2020 results with revenue of VND6.0tn (USD256mn; +28.4%YoY), reported NPAT-MI of VND197bn (USD8mn; +216.5% YoY). Meanwhile, excluding the impact of one-off provision expenses for floating oil storage (FPSO), we estimate recurring NPAT-MI of VND306bn (USD13mn; +51.1% YoY) that is mainly driven by robust profit from the mechanics & construction (M&C) segment stemming from the Sao Vang – Dai Nguyet project (SV-DN).