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VNM [O-PF +15.2%] - In a class of its own, VNM should see further re-rating prompted by FOL removal - Update

Q1 2016 revenue and NPAT grew 19% and 39% vs Q1 2015, respectively, which were in line with our expectations. However, we increased our TP by 11% because we increased the weighting of PER method in our valuation in the belief that as VNM has grown to a regional scale, it deserves to be valued more on the level of regional peers.