PPC published its quarterly results with Q3 2020 and 9M 2020 reported NPAT of VND90bn (USD3.9mn; -53% YoY) and VND505bn (USD21.9mn; -35% YoY), respectively. In our view, the material YoY earnings decline in Q3 2020 was mainly driven by weak competitive generation market (CGM) price (-33% YoY), lower sales volume and higher coal cost, which outweighed lower maintenance expenses.