HVN held its 2019 AGM in Hanoi today with the participation of more than 200 shareholders. Management guided for 2019 consolidated revenue of VND112tn/USD4.9bn (+13% YoY, 4.6% above our 2019F) and NPAT of VND2.7tn/USD117mn (+3.1% YoY, 13% above our 2019F). Management guided for 2019 parent company (Vietnam Airlines/VNA stand-alone) revenue of VND83tn/USD3.6bn (+13% YoY, 5.5% above our 2019F) and NPAT of VND2.4tn/USD105mn (+14% YoY, 36% above our 2019F).