We attended SAB’s AGM on April 28, 2021. Our key takeaways align with our expectations. For 2021, SAB guides for revenue of VND33.5tn (USD1.4bn; +20% YoY) and NPAT (before minority interest) of VND5.3tn (USD228mn; + 7% YoY), which are equivalent to 107% and 94% of our respective forecasts. Per management, the above targets were set before the third wave of COVID-19 in Vietnam in late January 2021; however, management still decided to keep them.