We attended KBC’s AGM on April 10, 2018, in Bac Ninh Province. For 2018, management guided for a 106% YoY increase in revenue to VND2.6tn (USD115mn) and a 29.3% YoY increase in NPAT to VND800bn (USD35.2mn). This guidance is broadly in line with our current NPAT forecast of VND784bn (USD34.5mn). KBC announced preliminary Q1 2018 revenue of VND650bn (USD28.6mn, +49.3% YoY) and NPAT of VND200bn (USD8.8mn, +10.7% YoY), equivalent to 25% of KBC’s 2018 target, indicating that KBC is on track to