VNM [MARKET PERFORM +2.6%] - Input cost tailwinds likely to continue in 2018 - Update
  • 13 Nov 2017
  • Company Research
We reiterate MARKET PERFORM on VNM, although we raise our TP by 16% attributed to DCF rollover and a 10% upward revision in 2018F NPAT on favorable input milk powder price trend. 9M 2017 NPAT +14% vs 9M 2016 thanks to robust 15% domestic sales growth, und