We attended REE's AGM at which the company’s chairwoman and its new CEO provided a more detailed discussion regarding REE’s 2021 business guidance and future capacity expansion plans. Management also outlined a strategy to expand further via M&A in all four of its core businesses. As a result, REE proposes no cash dividend for FY2020 (vs our current forecast DPS of VND1,600) and potentially also for FY2021. Overall, we see insignificant risk to our 2021F forecast but note possible upside risk