We attended IMP’s investor meeting on April 1, 2021. Questions focused on IMP’s business outlook and updates on the new factory, IMP4. Overall, we see no material changes to our current forecast and our outlook for strong earnings growth in the next few years. Management sets conservative guidance, in our view. IMP targets 2021 revenue and PBT of VND1.5tn (USD67mn; +11% YoY) and VND290bn (USD12.6mn; +14% YoY), respectively, in which hospital and pharmacy revenues are expected to reach VND624bn