We attended HSG’s AGM for 2018 financial year on Tuesday, 16 January 2018. FY18 guidance of 15% revenue growth and 1% PAT growth trails our forecast as management is being cautious about rising competition and margin normalization from FY17’s high base. Other important issues include disclosure of weak Q1 FY18 prelim results, shareholders’ approval of FY17 dividend plan and realistic management growth targets for 2018 – 2023.