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DHG - FOL removal progress attracts the most attention - AGM Note

FY2018 guidance: revenue of VND4.0tn (USD177mn, -1% YoY) and PBT of VND768bn (USD34mn, +7% YoY). Starting from H2 2018, DHG will cease its third-party distribution business to pave the way for FOL lift, which will hurt revenue but have a non-material impact on profits. To facilitate its FOL lift, DHG will also transform its new factories that are currently under a subsidiary into a dependent cost-accounting branch. This is expected to be done by July 1, 2018