We attended VTP’s analyst meeting on April 15, 2021. The meeting covered a wide range of topics, including the company’s 2021 business guidance, initiatives to shore up competitiveness, detailed plans in new logistics segments such as fulfillment as well as VTP’s HOSE listing plan. Given Q1 2021’s better-than-expected profit margins and new positive developments in VTP’s competitiveness, we see potential upside to our current forecasts, pending a fuller review.