FPT hosted its 2021 AGM on April 8, 2021, with more than 500 shareholders attending. The meeting covered a wide range of topics, including the company’s 2021 business guidance and 2021-2023 strategic directions. For 2021, FPT guides for PBT growth of 18% vs our forecast of 21% growth. We note that FPT has a track record of exceeding its profit guidance. Preliminary Q1 2021 results: Revenue advanced 14% YoY and PBT soared 22% YoY, which are broadly in line with our expectations.