VNM released H1 2020 results, including net revenue of VND29.6tn (USD1.3bn; +7% YoY) and NPAT-MI of VND5.8tn (USD250mn; +3% YoY). These results are broadly in line with management’s preliminary guidance and our current forecasts, pending a fuller review. Based on our estimate from parent (separate) financial statements, in H1 2020, domestic dairy revenue (excluding GTN — VNM’s 75%-owned subsidiary) inched up 2% YoY thanks to a 4% YoY increase in Q2 2020 — which was faster than Q1 2020’s 1%