VNM [MARKET PERFORM +8.2%] - Growth to remain in mid-single-digit trajectory - Update
  • 2019-11-15T13:27:27
  • Company Research
We maintain a MARKET PERFORM rating as we raise our target price by 5.6%, mainly because we roll over our valuation to end-2020. Our target price increases despite cuts of 2%/3% to our 2020F/2021F NPAT-MI forecasts in accordance with downward revisions to our revenue forecasts as domestic dairy sales and exports are tracking slightly below our previous forecasts.