NT2 released Q2 2020 financial results with revenue declining 12% YoY to VND2tn (USD82mn) and reported NPAT increasing 20% YoY to VND249bn (USD11mn). We attribute the strong reported NPAT growth to higher contracted volume, lower gas prices and lower unrealized forex losses — despite a weak average competitive generation market (CGM) price and the negative impact of COVID-19 on electricity demand. For H1 2020, revenue and reported NPAT reached VND3.5tn (USD156mn; -10% YoY) and VND428bn