We attended CII’s AGM on April 23, 2021, in Ho Chi Minh City. Shareholders approved a business plan with 2021G total income (including revenue, financial income and other income) of VND6.7tn (USD289mn; -1.1% YoY) and NPAT-MI excluding goodwill amortization expenses of VND615bn (USD27mn; +25% YoY). CII’s 2021G total income and NPAT-MI represent 104% and 94% of our 2021F full-year forecasts, respectively. We believe the gap between CII’s guidance and our forecasts is mainly due to our higher