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VNM [O-PF +15.4%] - H1 2016 shows challenging Vinamilk a tall task for others - Update

We maintain our OUTPERFORM rating on Vinamilk. Although the shares have risen 18% since our last report to surpass our previous target price, we now raise our TP by 18% driven by the upward revisions in our FY16F and FY17F NPAT by 5.4% and 8.4%, respectively, prompted by strong H1 2016 results, a 30 bps reduction in our universal risk free rate and the rollover of our valuation period.