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VNM [MARKET PERFORM +6.2%] - Results should improve vs Q1 aberration - Update

We maintain our MARKET PERFORM rating following the recent share price correction despite revising down our TP by 9% due to lower earnings forecasts and adjusted peer PER. q1 2018 NPAT slid by 8% YoY off a high Q1 2017 base, but results were also weighed down by weak demand in the North due to a long cold season and continuing sluggish exports to Iraq. We expect Vietnam’s dairy consumption to regain strength in the following quarters and project a 10% increase in domestic dairy revenue