VNM [OUTPERFORM +11.7%] - Earnings growth to be driven by lower input costs

- We cut our target price (TP) for VNM by 9% but maintain our OUTPERFORM rating. - Our lower TP is mainly due to reducing our aggregate 2023-2027F EBIT by 8% as VNM had weaker-than-expected domestic sales and gross profit margin improvement in H2 2022. -