VNM [Reiterate BUY +28%] – Selling exp clips NPAT but valuation still cheap
  • 18 May 2015
  • Company Research
NPAT forecast lowered by 4% on higher-than-expected selling expenses. TP is lowered by 7% to VND130,000 but we keep our BUY rating with VNM stock still trading at an attractive PER of 15.1x on our revised EPS estimates. 1Q revenue growth is in line with o