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VNM - Growth story to continue – Visit Note

As a step to achieve the goal of USD3bn revenue in FY17, VNM yesterday brought in operation its Mega-factory in Binh Duong. Against the economy slowdown and current New Zealand powder milk crisis that caused some concerns for milk consumers (not on VNM products), we believe in the strong growth for VNM to continue. VNM is trading at PER of 16x of estimated FY13 EPS, we maintain target price of VND164,000/share.