We attended PC1’s AGM on April 11, 2019, in Hanoi. PC1 guides for 2019 revenue of VND6.0tn (USD261.6mn, 18.9% YoY) and NPAT-MI of VND424bn (USD18.4mn, -9.1% YoY), equivalent to 104% and 104.3% of our 2019 full-year forecast. The company’s prelim Q1 2019 NPAT-MI of VND90bn (USD3.9mn, 42.8% YoY) completed 22% of our 2019 full-year forecast. Shareholders approved a 20% stock dividend and no cash dividend for FY2018. PC1 proposed a dividend of 20% on par value for 2019