At DGC’s AGM held on March 29, shareholders approved 2021 revenue/NPAT targets that imply 21%/16% YoY growth and are equivalent to 99%/82% of our respective forecasts. Management stated that the NPAT target was set on a conservative basis. The AGM approved a FY2020 cash dividend of VND1,500/share — which was already paid in late 2020 — and a stock dividend at a ratio of 100:15 (100 existing shares get 15 additional shares). Management estimates Q1 2021 NPAT before MI will reach VND270bn