We attended HSG’s annual general meeting (AGM) on Monday, January 13, 2020. HSG management set FY2020 guidance for flat revenue (VND28tn/USD1.2bn) but 11% YoY growth in NPAT-MI (VND400bn/USD17.4mn) as the company is positive regarding gross margin improvement — despite ongoing local competition and challenging export activities. HSG also posted optimistic prelim Q1 FY2020 results with NPAT-MI of VND170bn (USD7.4mn, +180% vs a very low base in Q1 FY2019 when HSG was still making losses in its