VJC reported Q2 2020 revenue that was down 61% YoY to VND5tn (USD213mn), while NPAT-MI increased 71% YoY to VND1tn (USD46mn). For H1 2020, VJC’s revenue was VND12tn (USD524mn; -50% YoY), achieving 33% of our 2020 forecast; NPAT-MI was VND73bn (USD3mn; -96% YoY), completing 7% of our 2020 forecast. Although VJC’s transportation segment incurred a loss of VND1.1tn in Q2 2020, the positive results were mainly contributed by aircraft sales activities, which posted gross profit of VND2tn in Q2 2020