REE released 2019 results in which Q4 2019 NPAT-MI reached VND417bn (USD18mn, -24.4% YoY). We attribute Q4 2019’s weak earnings to (1) weakness in the mechanical & engineering (M&E) segment; and (2) a lower contribution from the power segment that was due to lower sales volume from hydropower plants and lack of a provision write-back for the Quang Ninh coal-fired power plant (UPCoM: QTP). 2019 NPAT-MI declined by 8.1% YoY to VND1.6tn (USD70.6mn) as strong office leasing growth