We attended GEX’s online AGM on June 18, 2021.
- Shareholders approved 2021 earnings guidance for revenue of VND28.5tn (USD1.2bn; +59% YoY) and PBT of VND1.28tn (USD56mn; +8% YoY). This PBT guidance — which we believe is conservative — is 15% lower than our forecast. We note this guidance implies nominal revaluation profit from consolidating VGC. We see downside risk to our adjusted NPAT forecast of VND2.1tn (USD91mn — inclusive of estimated revaluation profit of ~VND1.0tn).