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GTN - Higher ownership in MCM lifts bottom line - Earnings Flash

GTN announced H1 2018 NPAT-MI of VND24bn (USD1mn), +41% YoY, which was primarily attributed to higher ownership in the dairy subsidiary Moc Chau Milk (MCM) and a scale-down in the loss-making pig farming business. These results are broadly in line with our expectation. We do not expect any material changes to our target price in the next update report.