VNM – Shelter from the storm – Update

• VNM posted 4Q19 topline of VND14,239bn, up 9.5% yoy, bringing FY19 revenue to VND56,318bn (+7.1% yoy).
• Higher effective corporate income tax (CIT) rate and lower other income together curbed the FY19F net profit growth.
• We expect net profit to grow 13.4% yoy in average in FY20-21F.
• Reiterate ADD with TP of VND155,600.

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