QNS released 9M 2020 results with revenue of VND5.1tn (USD220mn; -16% YoY) and NPAT-MI of VND670bn (USD29mn; -17% YoY). In Q3 2020, revenue and NPAT-MI fell 7% YoY and 19% YoY, respectively. All segments posted lackluster results amid COVID-19’s negative impact on discretionary consumption and the effect of adverse weather on sugar volume. 9M 2020 results were broadly in line with our expectations, pending a more extensive review.