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VNM [O-PF +17.1%] - Bright outlook as last year’s themes continue to play out

We marginally revised our target price to VND145,000 (from VND146,000), corresponding to an OUTPERFORM rating based on the following: Improved domestic consumption coupled with a bounce-back in export sales from FY14’s low base underpinned top line growth. Strong domestic purchasing power and consumer confidence drove industry sales volume and pushed net revenues and NPAT to both achieve 100% of our respective forecasts for FY15.