Aggregate NPAT-MI for the 66 stocks under our coverage declined by VND11.3tn or 23% YoY in Q1 2020, achieving 16% of our current full year 2020F forecast. The largest declines by sector were, perhaps unsurprisingly, from oil & gas (-130%) and transportation (-129%). The former was hit hard by a dramatic plunge in oil prices during the quarter which resulted in both margin pressure and inventory write-downs for certain companies. In the transportation sector, airlines (and ACV to a lesser extent)