We attended GTN’s AGM on June 28, 2019. Proposals on the changes of GTN’s BOD members and its potential partnership with Vinamilk attracted the most attention from shareholders. Management is guiding for 2019 NPAT-MI of VND90bn (USD3.8mn) vs VND8bn (USD322,000) in 2018. This will be underpinned by 10% YoY growth in revenues of both Moc Chau Milk’s (MCM) and Vinatea’s semi-processed tea exports, as well as potential one-off profits from asset disposals.