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VNM - ADD - 1Q net profit up 21%, 2013 PER of 16x cheap - Update

In 1Q, VNM sales grew by 14% while net profit rose 21%, driven by a 29% increase in domestic sales. Gross margins hit 36.8%, the highest in 13 quarters, benefiting from a product mix featuring new premium, higher margin products and effective input cost management. The 1Q results show Vinamilk’s earnings growth is in line with our estimate of 16% average growth for the next three years.