HSG reported Q2 FY2020 financial statements that are in line with the preliminarily results announced on April 22, 2020. Q2 FY2020 revenue fell 16% YoY to VND5.8tn (USD251.3mn) while NPAT-MI surged 261% YoY to VND201bn (USD8.7mn). The strong recovery in earnings was driven by a sharp expansion of gross margin despite falling total sales volume, which we attribute to HSG benefitting from low-priced hot rolled coil (HRC) accumulation.