TCM released Q4 2020 results with revenue down 12% YoY to VND752bn (USD32mn) but NPAT-MI increasing 22% YoY to VND76bn (USD3.3mn). Compared to Q3 2020, NPAT-MI was down 11% QoQ, which we attribute to declines in high-margin export orders of new products such as antibacterial masks and protective medical clothing to the US as their demand subsided.