We reiterate our SELL recommendation owing to GTN’s sluggish efforts to turn around its dairy (Moc Chau Milk/MCM) and tea (Vinatea) businesses, coupled with demanding valuations with a pro-forma 2019F PER of 53.1x (adding back goodwill amortization related to past M&A). Our TP is below VNM’s ongoing tender offer price of VND13,000 for GTN, which, in our view, bakes in a strategic premium for potential synergies and the VNM’s opportunity to consolidate the market, assuming that VNM could even.