We attended KBC’s AGM on April 12, 2019, in Bac Ninh Province. Shareholders approved 2019 guidance for revenue and NPAT of VND3.9tn (USD170mn, +56% YoY) and VND1tn (USD45mn, +28% YoY), respectively. The company’s 2019G NPAT is 29% above our forecast of VN