VHC released 2020 results with net revenue falling 11% YoY and NPAT-MI slumping 40% YoY. Per VHC, this sluggish performance was mainly due to COVID-19-related disruptions to the global foodservice sector that hurt frozen fillet sales and ASP. In Q4 2020, reported NPAT-MI dropped 23% YoY and 13% QoQ. However, per our estimate, if we exclude non-core financial gains from short-term stock trading (VND29bn/USD1.3mn in Q4 2020), core NPAT-MI nosedived 35% YoY and 10% QoQ in Q4 2020.