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PC1 - All segments performed except electric steel pole - Earnings Flash

PC1 released Q3 results in which 9M revenue increased 9.7% YoY to VND2.3 trillion (USD101 million) thanks to contribution from the hydro power plant and trading segments. However, NPAT plunged by 31.1% YoY as profit from the hydropower segment failed to offset the lack of contribution from the real estate segment. Excluding real estate, NPAT was flat. We expect PC1 to have a strong Q4 as the company expects to recognize USD48 million of revenue for its grid segment (which nearly equals 9M).