PC1 published Q1 2021 results with NPAT-MI down 14% YoY to VND78bn (USD3mn), completing 18% of our full-year 2021F forecast. The underwhelming YoY performance was mainly driven by an absence of real estate handovers and weaknesses from PC1’s steel pole manufacturing business. We note the low completion rate vs our forecast is not surprising as the majority of PC1’s annual earnings in the power generation and power construction segments are normally concentrated in the last half of the year.