We attended CTR's AGM in Hanoi on April 23, 2021. Our takeaways from the meeting reinforce our optimistic view on CTR’s growth outlook, which will be led by its towerco business. For 2021, CTR guides for revenue of VND6.6tn (USD284mn; +3% YoY) and NPAT-MI of VND276bn (USD12mn; +1% YoY). Per management, these targets were set in late 2020 and CTR could beat its top-line target by 21% in its best-case scenario. In 2020, CTR exceeded its NPAT-MI guidance by 38%.