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VNM [OUTPERFORM +11.0%] - Leaving competitors in the dust - Update

We reiterate our OUTPERFORM rating for VNM with 11% total return. We raise our TP 3% as Q1 2017 volume growth slightly overshot our expectation in addition to a lower effective tax rate. NPAT surged 36% in Q1 2017 vs Q1 2016 as domestic sales soared 25% on expanded market share while selling expenses declined 2% vs Q1 2016 following an aggressive Q4 2016. For FY17F, we project 18% domestic revenue growth aided by market share acquisition while exports are forecast to rise 10%,