We attended VTP's analyst meeting on April 15. The meeting covered a wide range of topics, including the company's 2022 business guidance, long-term outlook and initiatives to shore up competitiveness. Overall, the recovery of the express delivery business slightly trails our expectations, while VTP's fulfillment expansion plan is better than our expectations. We see slight downside risk to our current forecast for 2022F, pending a fuller review. Below are our key takeaways from the meeting. 

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