REE published upbeat Q4 2020 results with NPAT-MI surging 45% YoY to VND651bn (USD28mn). This strong earnings performance was mainly driven by the strong performance of REE’s hydropower portfolio thanks to higher rainfall in Q4 2020 and strong earnings growth from REE’s water portfolio off a low base in Q4 2019. REE’s full-year 2020 NPAT-MI reached VND1.6tn (USD70mn), which was flat YoY and completed 99% of our full-year forecast.