REE recorded lackluster quarterly results with NPAT-MI sliding 27% YoY to reach VND256bn (USD11mn) in Q1 2020. Overall, we see some downside risk to our 2020F earnings forecast for REE as Q1 2020 NPAT-MI completed only 16% of our full-year forecast, which was mainly due to the underperformance of the power and mechanical & engineering (M&E) segments. We note that according to a forecast from the Vietnam Institute of Meteorology, Hydrology and Climate Change, there could be a material recovery of