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VNM – Value amidst the uncertainty – Update

Company Note 31/03/2020    183

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  • 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.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND91,000

VND131,000

4.8%

ADD

CONSUMER GOODS

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