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VNM - MARKET PERFORM - Competition keeps intensifying - Update

We revise our post-bonus issuance target price by -10% to VND118,000 on lower-than-expected sales growth and NPAT margin. We lowered FY13-18 revenue CAGR from 16% to 13%, as we are less optimistic about VNM’s ability to gain market share as in the last update. We also revised up selling expenses to reflect the higher level of A&P expenditures, with a prolonged duration. For FY14, we forecast a 5% YoY decline in NPAT while a +10% NPAT CAGR for FY13-18.