We attended KDH’s annual general meeting (AGM) in HCMC on April 22. Shareholders approved management’s 2022 guidance for revenue of VND4.0tn (USD174mn; +7% YoY) and NPAT-MI of VND1.4tn (USD61mn; +16% YoY). This earnings guidance is lower than our 2022F NPAT-MI forecast of VND1.54tn (USD67mn; +28% YoY).