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VNM - Strong domestic volume growth partly offset by subdued export - Earnings Flash

VNM released 9M 2017 results that included net revenue +11% and NPAT +14% vs 9M 2016. Market share acquisition continues to bolster upbeat domestic revenue growth of 15% YoY (mostly volume) vs 9M 2016. However, lower NPAT growth was mostly attributed to exports, of which 9M 2017 revenue slid 17% vs 9M 2016 due to political instability in Iraq. Having said that, we expect an acceleration in Q4 2017 earnings growth vs Q4 2016’s low base, which was curbed by pent-up sales as well as a proactive