VNM [OUTPERFORM +11.0%] - Leaving competitors in the dust - Update
  • 11 May 2017
  • Company Research
We reiterate our OUTPERFORM rating for VNM with 11% total return. We raise our TP 3% as Q1 2017 volume growth slightly overshot our expectation in addition to a lower effective tax rate. NPAT surged 36% in Q1 2017 vs Q1 2016 as domestic sales soared 25% o