We attended CTD’s annual general meeting (AGM) on April 26, 2021, in HCMC. Shareholders approved 2021 guidance for revenue of VND17.4tn (USD757.1mn; +20% YoY) and NPAT-MI of VND340bn (USD14.8mn; +2% YoY). Management shared a preliminary Q1 2021 NPAT figure of VND55bn (USD2.4mn; -56% YoY), which fulfilled 16% CTD's full-year guidance and completed 10% of our 2021 NPAT forecast of VND520bn (USD22.6mn).