GAS released it 9M 2020 results with revenue of VND48.6tn (USD2.1bn; -16.2% YoY) and NPAT-MI of VND6.1tn (USD263mn; -31.3% YoY), which was mainly due to 1) gas sales volume declining ~10% YoY and 2) the average fuel oil price dropping 39.6% YoY. For Q3 2020, revenue and NPAT-MI dropped 16.3% YoY and 29.8% YoY, respectively, due to respective declines of 6.1 YoY and 33.2% YoY in gas sales volume and fuel oil price. However, we see improvement in Q3 earnings vs Q2 following the recovery of oil p