We attended VNM’s online meeting with investors and analysts today. Our takeaways from the meeting reaffirm our view of VNM’s mid-to-high single-digit growth in the medium term, despite near-term challenges posed by COVID-19 and the recent record flooding in the central Vietnam. We foresee no material changes to our current forecasts, pending a more extensive review. Management was conservative on Q4 2020 given the double whammy of COVID-19 and the flooding in the central region