External broker reports(aggregated public sources), Rong Viet Securities

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Equity Bottom-Up

Vietnam Dairy Products JSC / Equity Bottom-Up

<ul><li>We observe that VNM’s business performance growth has stagnated since Covid-19, with its market share declining amid a gloomy domestic dairy market.</li><li>Efforts to revamp product portfolios and increase discounts, implying the sacrifice of profit margins, have yet to brighter results</li><li>The core market (domestic dairy) has entered a saturation phase, with annual sales growth of 1-3% (volume expansion is limited due to a sharp decline in birth rates, capped milk spending, and growth mainly driven by pricing relative to a trend toward premium, health-focused consumption)</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We observe that VNM’s business performance growth has stagnated since Covid-19, with its market share declining amid a gloomy domestic dairy market.Efforts to revamp product portfolios and increase discounts, implying the sacrifice of profit margins, have yet to brighter resultsThe core market (domestic dairy) has entered a saturation phase, with annual sales growth of 1-3% (volume expansion is limited due to a sharp decline in birth rates, capped milk spending, and growth mainly driven by pricing relative to a trend toward premium, health-focused consumption)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

VNM - The Big Boat Strives to Conquer Mighty Waves

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Viet Nam Dairy Products JSC (VNM VN) is the leading dairy corporation in Vietnam,boastingthe largest domestic market share in the liquid milk segment and the formula milk segment.</li><li>VNM currently operates 15 farms in the Indochina region and is a major buyer of fresh milk from farmers, with nearly 140,000 cows.</li><li>VNM also boasts a distribution system with over 200,000 points of sale throughout the country, providing it with a solid competitive advantage over peers.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Viet Nam Dairy Products JSC (VNM VN) is the leading dairy corporation in Vietnam,boastingthe largest domestic market share in the liquid milk segment and the formula milk segment.VNM currently operates 15 farms in the Indochina region and is a major buyer of fresh milk from farmers, with nearly 140,000 cows.VNM also boasts a distribution system with over 200,000 points of sale throughout the country, providing it with a solid competitive advantage over peers.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Viet Nam Dairy Products JSC (VNM VN) - Overseas Revenue Fuels Growth

<ul><li>Viet Nam Dairy Products JSC (VNM VN) is the leading dairy corporation in Vietnam, boasting the largest domestic market share in the liquid milk segment and second-largest market share in the formula milk segment.</li><li>VNM currently operates 15 farms in the Indochina region and is a major buyer of fresh milk from farmers, with nearly 140,000 cows.</li><li>VNM also boasts a distribution system, with over 200,000 points of sale throughout the country, providing it with a solid competitive advantage over peers.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Viet Nam Dairy Products JSC (VNM VN) is the leading dairy corporation in Vietnam, boasting the largest domestic market share in the liquid milk segment and second-largest market share in the formula milk segment.VNM currently operates 15 farms in the Indochina region and is a major buyer of fresh milk from farmers, with nearly 140,000 cows.VNM also boasts a distribution system, with over 200,000 points of sale throughout the country, providing it with a solid competitive advantage over peers.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Viet Nam Dairy Products JSC - Domestic Sales Slip in 3Q24

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage (JCNC SP)</a></strong>'s implied stub value is around its highest-ever level, dating back to 2004. </li>
<li>The simple ratio of JCNC/ <strong><a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a></strong> is also the highest level outside the brief spikes post-Covid and during the 2008 GFC.</li>
<li>There is no apparent justification for the current valuation. And a takeover from <strong><a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a></strong> at these levels appears unrealistic. </li>
</ul>



Jardine Cycle &amp; Carriage (JCNC SP)'s implied stub value is around its highest-ever level, dating back to 2004. 
The simple ratio of JCNC/ Astra International (ASII IJ) is also the highest level outside the brief spikes post-Covid and during the 2008 GFC.
There is no apparent justification for the current valuation. And a takeover from Jardine Matheson Holdings (JM SP) at these levels appears unrealistic. 


<ul><li>Viet Nam Dairy Products JSC (VNM VN) is the leading dairy corporation in Vietnam, boasting the largest domestic market share in the liquid milk segment and second-largest market share in the formula milk segment.</li><li>VNM currently operates 15 farms in the Indochina region and is a major buyer of fresh milk from farmers, with nearly 140,000 cows.</li><li>VNM also boasts 9i45r distribution system, with over 200,000 points of sale throughout the country, providing it with a solid competitive advantage over peers</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Viet Nam Dairy Products JSC (VNM VN) is the leading dairy corporation in Vietnam, boasting the largest domestic market share in the liquid milk segment and second-largest market share in the formula milk segment.VNM currently operates 15 farms in the Indochina region and is a major buyer of fresh milk from farmers, with nearly 140,000 cows.VNM also boasts 9i45r distribution system, with over 200,000 points of sale throughout the country, providing it with a solid competitive advantage over peersContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Viet Nam Dairy Products JSC - Positive Results in Overseas Markets

Vietnam

Vietnam Dairy Products JSC produces dairy foods. The Company produces milk, condensed milk, milk powder, yoghurt, ice cream and cheese. Vietnam Dairy Products also produces cookies, coffee and tea and bottled water.

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Vietnam Dairy Products JSC (VNM VN)

VNM - The Big Boat Strives to Conquer Mighty Waves

We observe that VNM’s business performance growth has stagnated since Covid-19, with its market share declining amid a gloomy domestic dairy market.

Rong Viet Securities