We attended HPG’s annual general meeting (AGM) on April 22, 2021, in Hanoi. Shareholders approved management’s guidance for 2021 revenue of VND120tn (USD5.2bn; +33% YoY) and profit-after-tax (PAT) of VND18tn (USD783mn; +33% YoY). Management shared robust Q1 2021 results with prelim PAT of VND7.0tn (USD304mn; +204% vs VND2.3tn/USD99mn in Q1 2020 and +50% vs VND4.7tn/USD203mn in Q4 2020), which equals 40% of our 2021F PAT forecast.