We attended HPG’s annual general meeting (AGM) on June 25, 2020 in Hanoi. Shareholders approved management’s guidance for 2020 profit-after-tax (PAT) of VND9.0tn (USD391.3mn; +19% YoY), which is 2% higher than our forecast. Management shared robust Q2 2020 results with prelim PAT of VND2.7tn (USD117.4mn; +32% YoY), which translates to H1 2020 PAT of VND5.0tn (USD218.6mn; +30% YoY) — equal 57% of our 2020 PAT forecast.