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VSH - 8-hour AGM meeting for new BOD election and the mammoth Upper Kon Tum dam project - AGM Note

VSH successfully resists efforts to dilute independence of BOD. Upper Kon Tum’s investment capital was revised up by 23.7% to VND7.1tn vs. original budget. Management keeping FY15 guidance intact despite weak 1Q15 sales volume. VSH is trading at PER of 9.8x on management’s EPS guidance of VND1,375, dividend yield 7.4%.