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VNM - Q1 earnings surged on strong domestic sales and easing A&P - Earnings Flash

VNM released Q1 2017 results including net revenue +17% and NPAT +36% vs Q1 2016. This is in line with management’s preliminary disclosure in this year’s AGM. A strong Q1 2017 was within our expectation as besides its rock-solid fundamentals, we think VNM’s Q1 2017 also partly benefited from pent-up sales as well as a proactive recognition of selling expenses in Q4 2016.