SAB released Q4 2020 results. Revenue declined 19% YoY but NPAT-MI jumped 45% YoY on the back of (1) GPM expansion, (2) lower operating expenses and (3) lack of one-off provision expenses such as those related to a minority-stake investment that were recognized in Q4 2019. For full-year 2020, revenue and NPAT-MI dipped 26% YoY and 7% YoY, respectively. Revenue missed our forecast by 4%, which we think could be attributable to (1) a later Tet (Lunar New Year) in 2021 (February 12) vs 2020