HVN announced 9M 2020 results with revenue of VND33tn/USD1.4bn (-57% YoY) and a loss of VND10.5tn/USD452mn vs net profit of VND2.3tn/99mn in 9M 2019. HVN’s loss is equal to 71% of its planned loss in 2020 and 103% of our 2020 loss forecast. In Q3 2020, HVN’s revenue plunged 70% YoY to VND7.6tn (USD328mn) with a net loss of VND4tn/USD169mn vs VND1tn/USD44mn of net profit in Q3 2019.