We attended CTD’s annual general meeting (AGM) on June 30, 2020, in HCMC. The attendance of nearly 500 shareholders represented more than 80% of the company’s voting rights. Shareholders approved 2020 guidance for revenue of VND16tn (USD695.7mn; -33% YoY) and NPAT-MI of VND600bn (USD26.1mn; -16% YoY). This earnings guidance is in line with our expectation as it is equivalent to 104% of our forecast for 2020F NPAT-MI.