We attended NVL’s 2018 AGM on April 25, 2018 in Ho Chi Minh City. Management released revenue guidance of VND21.8tn (USD956mn) and NPAT-MI guidance of VND3.2tn (USD140mn) for 2018, implying 87% YoY and 55% YoY growth, respectively. NVL’s guidance is broadly in line with our forecast, mainly driven by VND1.3tn (USD60mm) of estimated one-off gains following consolidation of some subsidiaries and scheduled deliveries of 6,500 pre-sold units. Shareholders approved a dividend ratio of up