We attended VNM’s analyst meeting today. Management pointed to a recovery in domestic consumption that VNM has taken advantage of by gaining market share. Meanwhile, management attributed the improvement in domestic dairy GPM in Q2 2019 to a price hike in early Q2 2019. Overall, the key takeaways from this meeting are broadly in line with our expectation, although we see potential upside risk to our current GPM forecasts, pending a fuller review.