We attended TLG’s online AGM on Tuesday, June 29, with 50 shareholders and 203 authorized persons participating, accounting for 69% of TLG’s total outstanding shares. Shareholders approved management’s guidance for 2021 NPAT-MI growth of 17% YoY to VND280bn (USD12.2mn) as TLG expects 2021 earnings to rebound from 2020’s low base. This guidance is equivalent to 98% of our forecast of VND285bn (USD12.4mn; +19% YoY).