VHC released 9M 2020 results with net revenue sinking 11% YoY and NPAT-MI slumping 44% YoY. Per VHC, these declines were mainly due to COVID-19’s disruptions on the global foodservice sector that led to lower frozen fillet sales and ASP. In Q3 2020, reported NPAT-MI plunged 31% YoY and 19% QoQ. If excluding a one-off financial gain of VND37bn (USD1.6mn) from short-term stock trading, NPAT-MI would nosedive 44% YoY and 34% QoQ in Q3 2020, per our estimate. e attribute the above QoQ slump in