• GVR held its annual general meeting on June 17, 2024, primarily to dismiss and appoint members of the Board of Directors (BoD) and Supervisory Board, and to approve the amendments of the company’s charter. Management’s 2024 guidance for earnings and dividends, which was approved at the EGM on March 29, remains unchanged.

• There was no proposed amendment to the 2024/25G PBT guidance of VND4.1tn (USD161mn; flat YoY) and VND5.1tn (USD198mn; +23% YoY), equivalent to 85% and 84% of our respective forecasts. We attribute the difference between the 2024/25G PBT guidance and our forecasts mainly to our expectations for a stronger recovery in rubber consumption and ASP vs the company’s guidance.

• Shareholders approved a FY2023 dividend of 3% on par value, which is yet to be paid. There was no proposed amendment to the approved FY2024 dividend of 3% on par value. GVR has paid all dividends in cash in the past. We currently assume FY2023/24 dividends at VND300/share (0.9% yield) each.

• Shareholders approved the appointment of Mr. Do Huu Phuoc as a member of the BoD and Mr. Nguyen Dong Phong as an independent member of the BoD.

 • Shareholders approved the dismissal of a member of the Supervisory Board for the 2021- 2026 period, Mr. Do Khac Thang, and the appointment of a new nember to the Supervisory Board, Mr. Pham Van Hoi Em.

• Shareholders also approved amendments and/or supplements to the operating regulations of the Supervisory Boards, the Board of Directors, and GVR’s charter. 

Legal procedures for IP projects are ongoing. Per GVR,  the Nam Tan Uyen 2 expansion IP (NTU3; 346 ha of total site area) is processing relevant procedures with the Provincial People’s Committee of Binh Duong, while the Minh Hung 3 expansion IP (577 ha of total site area; Binh Phuoc) and Rach Bap phase 2 IP (360 ha of total site area; Binh Duong) are being submitted to the Ministry of Planning & Investment in order to process investment approval. For the state of GVR’s overall IP development, GVR is working with relevant authorities and seeking authority approval to prioritize GVR as the developers of upcoming IP/IC projects on the rubber land managed by GVR. The specific amount of IP land site area to be developed will be decided by the authorities. 

Rubber selling price is expected to be maintained at a high level. Management stated that GVR’s rubber consumption of around 150 thousand tonnes YTD (H1 is normally the low season for rubber consumption) is equivalent to 29% of the full-year guidance. Additionally, the rubber ASP has been recorded at VND38.4mn/ton, which is VND6mn/ton higher YoY. Management expects that rubber ASP could remain high in H2 2024.  

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