We attended KDH’s annual general meeting (AGM) on April 28, 2021, in HCMC. Shareholders approved 2021 management guidance for NPAT-MI of VND1.2tn (USD52mn; +4% YoY), which is equivalent to 88% of our forecast of VND1.37tn (USD60mn; +19% YoY). Management also shared preliminary Q1 2021 NPAT-MI of VND200bn (+30% YoY) that was thanks to the handovers of the remaining units at Safira and Verosa Park in HCMC — as we expected. Shareholders approved a FY2020 dividend plan for a 10% stock dividend