We attended NKG’s 2019 annual general meeting (AGM) on Saturday, June 29, 2019, in Binh Duong Province. Shareholders approved management’s guidance for 2019 of 5% revenue growth and NPAT-MI of VND295bn (USD12.8mn vs the VND57bn/USD2.5mn actual 2018 result). Although revenue guidance is in line with our expectation, NPAT-MI guidance is significantly higher than our forecast of VND13bn (USD0.6mn).