We attended VNM’s online Analyst Meeting on May 5, 2021. Management disclosed preliminary April 2021 results — which showed an improvement vs Q1 2021 — and its plan to raise selling prices in May to cushion profit margins amid surging input prices. Nevertheless, we continue to see moderate downside risk to our current forecasts — particularly in terms of domestic sales and GPM — pending a fuller review. Below are our more detailed takeaways from the meeting.