The VN-Index finished 2015 with a disappointing 1% increase for the second half and 6.4% for the year. The outlook for 2016 looks better, but with risk. We expect strong earnings growth, driven by an emerging consumer and strong manufacturing. Normally, you would expect that a strong earnings growth outlook would lead to rising P/E ratios but we actually do not foresee this. We forecast 20% EPS growth but with little to no multiple expansion.