TDM released Q3 results with Q3 2020 revenue growing 13.2% YoY to VND100bn (USD4.5mn) thanks to an 8.2% YoY increase in sales volume (per our estimation) and a 5% increase in selling price. NPAT-MI declined 2.3% YoY to VND47bn (USD1.8mn) as gross margin expansion could not compensate for lower dividend income, which we assume is because associate company Dong Nai Water (UPCoM: DNW) is paying its dividend in Q4 2020 instead of Q3 2020.