VNM [Reiterate BUY +28%] – Selling exp clips NPAT but valuation still cheap
NPAT forecast lowered by 4% on higher-than-expected selling expenses. TP is lowered by 7% to VND130,000 but we keep our BUY rating with VNM stock still trading at an attractive PER of 15.1x on our revised EPS estimates. 1Q revenue growth is in line with our projection while a surge in export revenues is a pleasant surprise. BOD to vote on separation of Chairperson and CEO positions.