We attended MWG’s investor calls on May 7, 2021. Our key takeaways reinforce our optimism on MWG’s strong business execution, which should bolster elevated earnings growth in the next few years. We see no material changes to our current forecasts, pending a more extensive review. Due to the current resurgence of COVID-19 in Vietnam and its potential prolonged negative impact on consumer income, management maintains a conservative view on domestic consumption of phones and consumer electronics