HT1 reported Q3 2020 results with revenue falling 9% YoY (VND2.0tn/USD86.3mn) while NPAT-MI dropped 31% YoY (VND148bn/USD6.5mn). The YoY fall in NPAT-MI was mostly due to strong gross margin compression as HT1 decreased its selling prices in Q3 to support sales volume. For 9M 2020, HT1’s revenue fell 12% YoY (VND5.8tn/USD250.0mn) while NPAT-MI fell 13% YoY (VND462bn/USD20.1mn). These results came in lower than our expectation as HT1’s 9M 2020 NPAT-MI fulfilled 67% of our full-year forecast. He