HPG released Q1 2021 financial statements that were in line with the preliminary figures announced at the company’s AGM on April 22. More details on HPG’s AGM can be found in our AGM Note.Q1 2021 revenue reached VND31.2tn (USD1.4bn; +62% YoY) while NPAT-MI reached VND7.0tn (USD303.4mn; +205% YoY). We note this Q1 2021 NPAT-MI result is comprised of VND6.5tn (USD281.5mn — equal to 37% of our full-year forecast) of core business earnings and VND503bn (USD21.9mn) from a one-off gain