VNM – Value amidst the uncertainty – Update

• The Vietnam Diary Products Joint Stock Company held an analyst meeting yesterday, sharing view that FY20F results are likely to be affected by the coronavirus (COVID-19) pandemic.
• 1Q20 performance remains firm under COVID-19 pressure, per management.
• FY20F earnings growth forecast is reduced to 11.8% yoy, from 15.3% yoy previously.
• Reiterate ADD and lower TP to VND131,000.

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