TDM’s AGM took place on March 24, 2021, at its headquarters in Binh Duong Province. The AGM approved cash dividends for 2020 and 2021 of VND1,200/share (4.1% dividend yield), which are in line with our forecast. TDM released its 2021 guidance for revenue of VND453bn (USD19mn; +17% YoY) and reported NPAT of VND265bn (USD12mn; +53% YoY), which is based on a water sales volume growth assumption of 12% YoY (68.9 million cubic meters). This guidance is slightly lower than our expectation