POW released Q1 2020 results, in which reported NPAT-MI was VND444bn (USD18.9mn) — down 49.5% YoY — achieving 15.0% of our 2020 forecast. Meanwhile, adjusted NPAT was VND583bn (USD24.5mn) — down 28.9% YoY — achieving 19.2% of our forecast. The decline in adjusted NPAT-MI was mainly due to plummeting earnings from hydropower plants and the Nhon Trach 1 gas-fired plant that outweighed a recovery from Vung Ang coal-fired power plant. Reported NPAT dipped lower due to a sizable recognition of FX