We attended NKG’s annual general meeting (AGM) on April 24, 2021. Shareholders approved management’s 2021 guidance for NPAT-MI of VND600bn (USD26mn), implying 103% YoY growth. We note that NKG reported strong Q1 2021 results with NPAT-MI surging to VND319bn (USD13.9mn) vs VND41bn (USD1.8mn) in Q1 2020. More details on NKG’s Q1 2021 results can be found in our Q1 2021 Earnings Flash, dated April 20, 2021. Both 2021 guidance and Q1 2021 results are more positive than our expectation.