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VPK - NON RATED - Lower input costs drive strong earnings - Visit Note

We recently visited VPK, a small market cap company (USD5 million), engaged in the manufacturing and trading of carton boxes, plastic cooking oil bottles, paper and plastic materials for the packing industry. Carton box is the company’s primary product, accounting for 85-90% of annual sales. Its largest customers are Vinamilk (70% turnover), Tuong An & Vocarimex (two vegetable oil producers that account for 15% combined turnover) and several smaller clients spreading from Da Nang to Can Tho.