GEX released Q1 2020 results in which revenue grew 14.2% YoY to VND3.5tn (USD152.1mn) while reported NPAT plunged 57% YoY to VND54bn (USD2.4mn). We attribute the plunge in reported NPAT mainly to (1) weak performance of electrical equipment (CAV, THI and other electrical equipment companies) due to COVID-19, power companies (Phu Thanh My hydro and Gelex Ninh Thuan solar) and the water company (VCW) — despite an additional earnings contribution from VGC (we note that GEX acquired a 25% stake