PPC published its quarterly results with Q2 2020 reported NPAT of VND280bn (USD12mn; -18% YoY). In H1 2020, reported and adjusted NPAT came in at VND415bn (USD18mn; -29% YoY) and VND406bn (USD17mn; -16% YoY), respectively. In our view, PPC’s underperformance in H1 2020 was mainly driven by higher maintenance costs, softer CGM prices, higher coal cost and absence of one-off income, which outweighed robust sales volume and dividend income. Overall, PPC’s H1 2020 NPAT completed 50% of our full-year