We attended NLG's AGM on April 21, 2018. Shareholders approved a public offering plan of up to 40 million new shares (21% of issued shares) via auction for both local and foreign investors in 2018. NLG announced its 2018 targets for revenue of VND3.9tn (USD169mn, +22% YoY) and NPAT-MI of VND614bn (USD27mn, +15% YoY), mainly driven by Kikyo deliveries and an expected gain from selling its stake in Hoang Nam.