Aggregate NPAT-MI for the 73 stocks under our coverage declined by VND24.0tn or 15% YoY in 9M 2020, achieving 74% of our current full-year 2020F forecast. The largest declines by sector — in both absolute and percentage terms — were again oil & gas (down VND10.9tn; -72% YoY) and transportation (down VND22.2tn; -166% YoY). However, while the recovery in oil & gas sector NPAT-MI seen in Q2 improved further in Q3 QoQ, losses in the transportation sector escalated as international passenger flights