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VNM - NPAT growth eases in Q2 2017 on slowing sales and higher A&P - Earnings Flash

VNM released H1 2017 results including net revenue +12% and NPAT +18% vs H1 2016. Domestic revenue remained on a high note, posting 17% growth (mostly volume) vs H1 2016, which was underpinned by market share acquisition. However, NPAT growth decelerated to 4% YoY in Q2 2017 vs 36% in Q1 2017 mostly attributed to (1) domestic revenue growth eased to 11% in Q2 2017 vs 25% in Q1 2017,