We attended PPC’s AGM on April 24, 2019, in Hai Duong, PPC sets a conservative 2019 target as usual, in which 2019 sales volume and reported PBT are guided to reach 5.3 billion kWh (3.6% YoY) and VND781bn (USD33.8mn, -44.5% YoY), respectively. Shareholders approved a cash dividend of VND2,700/share (10.0% yield) for FY2018, while the company proposed a dividend of 20% on par value for FY2019 (likely to be a cash dividend) with a chance to pay a higher-than-guidance dividend