We attended PPC’s AGM on April 23, 2021, at which management expressed its full confidence regarding the potential recovery of Vietnam’s electricity demand as well as PPC’s earnings and cash dividend after a low base in 2021G, according to the company’s guidance. Overall, we do not see material downside risk to our 2021F earnings forecast as we believe lower earnings from power generation activities will likely be offset by higher dividend income from both HND and QTP, pending for a fuller revie