We attended VTP’s analyst meeting, which focused on Q1 2020 results (please see our May 8, 2020 update report, VTP - E-commerce growth to temporarily ease amid COVID-19 for details) and the company’s 2020 business outlook. Although management expressed a cautious view regarding the negative impact of COVID-19 on consumer spending as well as a potential second wave of the pandemic, it painted a positive outlook for VTP’s e-commerce delivery revenue growth