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VNM - Subdued domestic sales; exports better than expected - Earnings Flash

VNM announced H1 2018 results, including revenue of VND25.8tn (USD1.1bn, +1.7% YoY) and NPAT-MI of VND5.4tn (USD233mn, -8.3% YoY). Domestic dairy sales remained weak in Q2 2018 (-1% YoY) as H1 2018 domestic dairy revenue shrank 1.4% YoY. We believe this muted performance was caused by soft overall dairy consumption in Vietnam in H1 2018. Meanwhile, exports continued to fall YoY in Q2 2018, although the pace of decline decelerated.