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VNM - ADD - 1H in-line with forecast, strong inventory management keep gross margins high - Update

In 1H, VNM sales grew by 14.1% while net profit rose 21.6%, driven by a 21.3% increase in domestic sales. Gross margins hit 37.3%, the highest in 3 years, benefiting from a product mix featuring new premium, higher margin products and effective input cost management. The 1H results show Vinamilk’s earnings growth is in line with our estimate of 16% average growth for the next three years. We continue to like VNM as a long-term investment.