We attended HND’s AGM today at which management shared more details on the company’s underwhelming 2021G business guidance, upcoming capex for an air emission treatment upgrade and potential decline in annual depreciation expenses. Overall, we see downside risk to our 2021F-2023F earnings forecast due to the lower-than-expected fixed component of HND’s power purchasing agreement (PPA) price but upside risk to our 2024F-2025F forecast thanks to management having a positive outlook of passing