PPC released strong 9M 2018 results with recurring NPAT of VND693bn (USD29.7mn, flat YoY) as higher operating profit offsetting lower interest income. Given strong sales volume growth of 9.5% YoY, reported and recurring NPAT completed 84.5% and 83.0% of our full-year forecast, respectively. As Q4 is usually a strong quarter for coal-fired power plants, we expect to raise our 2018 recurring earnings forecast by 5%-10%.