On November 12, we attended DGC’s analyst meeting in Hanoi. Management discussed Q3 2020’s solid business results, expressed its optimism about the company’s outlook and highlighted DGC’s new expansion projects. Management also provided broad guidance on DGC’s recently announced projects in its industrial phosphorus chemical business that are set to come into operation in late 2021 and 2022. An incorporation of these projects would provide potential upside to our current forecasts