We attended VJC’s AGM on April 26, 2018, in Ho Chi Minh City. Management released official 2018 guidance for revenue of VND50.9tn (USD2.2bn, +20.5% YoY) and PBT of VND5.8tn (USD256mn, +9.49% YoY). VJC also announced strong preliminary Q1 2018 results, which were supportive of its guidance and our forecasts. The remaining FY2017 dividend will be paid in two parts: (1) a VND1,000 per share cash dividend in May 2018 with an ex-rights date of May 9, 2018