We attended SZC’s annual general meeting (AGM) in Dong Nai Province on March 29. Shareholders approved SZC’s 2022 guidance for total income (including revenue, financial income and other income) of VND775bn (USD34mn; +6% YoY) and NPAT-MI of VND184bn (USD8mn; -43% YoY), representing 86% and 47% of our full-year forecasts, respectively. We note that SZC has a track record of setting conservative profit guidance as the company exceeded its NPAT-MI guidance by 123%-184% in 2018-2021.