We attended PTB’s AGM in Binh Dinh Province, which focused on the 2021 business outlook as well as preliminary Q1 2021 results. The latter is ahead of our expectations — especially regarding the wood business. As such, we see potential upside to our current forecasts, pending a fuller review. For 2021, PTB guides for revenue of VND7tn (USD314mn; +24%) and NPAT of VND525bn (USD23mn; +38% YoY), which are equivalent to 99% and 98% of our respective forecasts.