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VNM - Firm domestic outlook, exports still volatile - AGM Note

2018 guidance: revenue of VND55.5tn (USD2.4bn, +8.5% YoY) and NPAT of VND10.8tn (USD473.7mn, +4.6% YoY). Management said this is a low-end target. Prelim numbers for Q1 2018 were not disclosed but management mentioned a decline in exports. For the full year, management still targets 8% growth in exports in 2018 vs our projection of 5%.