HVN held its 2020 AGM in Hanoi on August 10, 2020. The airline guides for 2020 revenue of VND41tn/USD1.8bn (-60% YoY) and a net loss of VND15tn/USD647mn (-498% YoY). We note that the projected 2020 loss represents 83% of total shareholders’ equity as of the end of 2019. As the targeted revenue represents 65% of our current forecast and the loss guidance is 3.6x larger than our projection, we see potential downside risk to our forecasts, pending a fuller review.