We maintain our MARKET PERFORM rating with a 6.1% total stock return. 9M 2017 EPS soared 59% YoY thanks to the consolidation of VLC. On a standalone basis, the ailing pig segment remained a drag to VLC, while the dairy segment delivered solid growth. VLC’s dairy revenue rose 11% YoY in 9M 2017, but dairy operating profit only inched up 4% YoY to VND160 billion (USD7 million) owing to higher discounts and promotions.