KBC posted disappointing Q2 2020 results with revenue plunging 84% YoY to VND172bn (USD7.4mn) and NPAT-MI of only VND1.7bn (USD73,000) vs VND300bn (USD13mn) in Q2 2019. We believe these weak results were mainly due to the negative impact of COVID-19 that (1) restricted foreign investors/tenants from traveling to Vietnam and (2) slowed factory expansion/new establishment plans due to the uncertain development of the pandemic.