REE published Q3 2020 results with NPAT-MI declining 14% YoY to reach VND347bn (USD15mn). The weak Q3 2020 results were mainly dragged by the power segment, which was partly offset by YoY improvement from all other sectors. Overall, we see no material risks to our forecast as downside risks from REE’s coal-fired power generation portfolio are likely to be fully offset by upside risks from its hydropower portfolio, pending for a fuller review. Improving rainfall from September did not material