VNM [O-PF +17.1%] - Bright outlook as last year’s themes continue to play out
  • 17 Feb 2016
  • Company Research
We marginally revised our target price to VND145,000 (from VND146,000), corresponding to an OUTPERFORM rating based on the following: Improved domestic consumption coupled with a bounce-back in export sales from FY14’s low base underpinned top line growth