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VNM - On rock solid footing for sustainable growth - AGM Note

We attended VNM’s AGM on April 15, 2017. The AGM was lively with shareholder questions centred on Q1 results, exports, strategies for smaller business segments and the new BOD. Q1 2017 revenue +16% and NPAT +34% as margins expanded on flat A&P. NPAT growth is poised to decelerate as A&P ratchets up again and effect of higher input costs starts to kick in. VNM’s FY17 guidance looks conservative with revenue +8% and NPAT +4% vs FY16.