We attended DHC’s AGM in Ben Tre Province. Overall, management expressed a highly cautious view regarding COVID-19’s impacts on the packaging paper industry. However, as DHC has completed 79% of its full-year earnings target in 5M 2020, we do not foresee material risk to our current forecasts. 2020 business guidance: Net revenue of VND2.3tn (USD101mn; +64% YoY) and NPAT-MI of VND200bn (USD8.6mn; +10% YoY), equivalent to 98% and 69% of our respective forecasts.