We attended NT2’s AGM in HCMC on June 17, 2020. Management focused on addressing investors’ concern regarding the power purchase agreement (PPA) review, gas shortage and cash dividend policy. Shareholders approved management’s 2020 guidance, including revenue of VND7.2tn (USD312mn; -6.2% YoY) and reported earnings of VND620bn (USD27mn; -17.8% YoY). We assume this low guidance is due to management’s conservative view as the PPA review is still pending