We attended HT1’s annual general meeting (AGM) on June 12, 2020. Shareholders approved management’s profit-before-tax (PBT) guidance of VND830bn (USD36.1mn), implying a 11% YoY decline — 6% lower than our forecast of VND884bn (USD38.4mn; -5% YoY). We attribute the lower guidance vs our forecast mainly to management’s higher concern over slow cement demand and the cement industry’s competitive landscape.