REE published upbeat Q1 2021 results with NPAT-MI surging 62% YoY to VND416bn (USD18mn), which was mainly driven by the strong performance of REE’s hydropower portfolio, full contributions from solar power capacity installed in 2020, one-off gains from divesting its stake in Quang Ninh Thermal Power (UPCoM: QTP), and FX gains related to EUR-denominated debt at Thuan Binh Wind Power. Overall, REE’s Q1 2021 NPAT-MI completed 23% of our 2021F forecast. We see slight upside risk