We attended VHC’s AGM today in Dong Thap Province. The meeting focused on 2020 business outlook, which — based on management guidance — is better than our current expectation. For 2020, VHC guides for net profits of VND1.1tn (USD46mn; -10% YoY) in its base case and VND800bn (USD34mn; -32% YoY) in its low case vs our forecast of VND861bn (USD35mn). Per VHC, as of early May, pangasius demand from China has fully normalized while US demand has shown signs of recovery. VHC expects US demand wil