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VNM – High quality at a bargain price – Initiation

Company Note 17/09/2019    275

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  • Domestic dairy consumption recovery to be key catalyst.
  • Innovation and diversified client targets to continue driving growth.
  • Overseas business have bottomed out thanks to Cambodia and China markets.
  • We expect earnings to grow 3.6% yoy in FY19F on higher tax, but record double-digit growth in FY20-21F.
  • Initiate coverage with ADD and TP of VND155,600.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND122,500

VND155,600

3.7%

ADD

CONSUMER GOODS

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