We provide an update on NTP, which is the second largest plastic pipe manufacturer in Vietnam. Q1 2021 NPAT–MI surged 72% YoY primarily thanks to NTP’s accumulation of input materials when prices were low, more effective expense management and reduced debt balance. NTP guides for 2021G gross revenue to increase 10% YoY but PBT to decline 8.3% YoY to VND432bn. According to management, this guidance considers the negative impact of (1) rising input plastic prices and (2) increasing