We attended GMD’s AGM on May 16, 2018, in Ho Chi Minh City. For 2019, management guided for broadly flat revenue growth of 3% YoY to VND2.8tn (USD122mn; 6% below our forecast) but strong core PBT growth of 15% YoY to VND695bn (USD30mn; 19% above our forecast). We believe the gap between management’s guided 2019 core PBT and our forecast is mainly because the construction of Phase 2 of Nam Dinh Vu (NDV) port in Hai Phong will likely begin later in 2019 vs our previous assumption of H1 2019.