VTP announced 2020 results, in which revenue more than doubled but NPAT-MI edged up only 1% YoY. The stronger top-line growth was driven by a 5.5x YoY surge in low-margin trading revenue, which was bolstered by phone card sales from the new 300,000 point-of-sales that VTP received from Viettel Telecom in Q1 2020. Service revenue — of which delivery services contributed ~90% (per VTP) — inched up 3% YoY in Q4 2020 — slower than 9% YoY in 9M 2020 — which we attribute to VTP’s new lower price