STK released 9M 2020 results that include revenue of VND1.2tn (USD51.6mn; -28% YoY) and NPAT-MI of VND55bn (USD3.2mn; -52% YoY). In Q3 2020 alone, sales slumped 41% YoY and NPAT-MI fell 61% YoY. These weak results are broadly in line with our expectations amid COVID-19’s disruptions to global apparel demand. That said, there were signs of recovery in Q3 vs Q2 2020.