We attended VGC’s AGM in Hanoi on April 27, 2021. We do not cover VGC; however, we model it as a subsidiary of GELEX (HOSE: GEX). We currently have a MARKET PERFORM rating for GEX with a target price of VND25,000/share. Shareholders approved management’s 2021 guidance, including revenue of VND12tn (USD522mn; +27% YoY) and reported PBT of VND1tn (USD43mn; +19% YoY). We currently forecast reported PBT of VND1.1tn (USD47.2mn), which is 7% higher than the company’s guidance.