We attended DHC’s AGM on June 21, 2021. Management expressed a positive view about Vietnam’s packaging paper demand growth thanks to rising domestic consumption and exports. Overall, we do not see material changes to our current forecasts, pending a fuller review. For 2021, management guides for revenue of VND3.5tn (USD151mn; +21% YoY) and NPAT-MI of VND399bn (USD17mn; +2% YoY). We note that DHC has consistently beaten its profit guidance in the past three years.