We attended MWG’s investor calls on March 1, 2021. Our takeaways reinforce our optimism on MWG’s top-notch business execution, which should bolster strong earnings growth in the next few years — although the recent third wave of COVID-19 in Vietnam poses potential downside risk to our current forecasts, pending a more extensive review. Management holds a conservative view on phone and consumer electronic growth in 2021 due to the prolonged negative impact of COVID-19 on discretionary spending.