we attended HT1’s AGM on April 26, 2018 in Ho Chi Minh City. HT1’s full-year profit before tax guidance of 20% YoY growth looks ambitious given weak Q1 results. We see downside pressure to our target price and reiterate our intention to revise down our forecasts. Shareholders approved the FY2017 cash dividend of VND1,500 per share, equivalent to an attractive dividend yield of 11.4% based on the current price.