TCM posted upbeat Q3 2020 results with revenue down 3.9% YoY to VND980bn (USD42mn) but NPAT-MI surging 48% YoY to VND86bn (USD3.7mn). The positive results in Q3 were mainly driven by high-margin export orders of new products such as antibacterial masks and protective medical clothing to the US since May amid the COVID-19 pandemic. TCM’s GPM declined to 17.9% in Q3 2020 from 19.8% in Q2 2020. We believe the margin contraction is driven by intense competition in this segment and subsiding