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

Mirae Asset Securities

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

Vietnam Dairy Products JSC / Equity Bottom-Up

<ul><li>In 1976, Southern Coffee - Dairy Company, a precursor to VNM, was established under the Foods General Directorate.</li><li>In 2003, it became a joint stock company and was officially renamed as Vietnam Dairy Products JSC. In 2006, VNM’s shares were listed on HOSE.</li><li>The company produces and trades in canned milk, powdered milk, beverages, and milkbased products. </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>

In 1976, Southern Coffee - Dairy Company, a precursor to VNM, was established under the Foods General Directorate.In 2003, it became a joint stock company and was officially renamed as Vietnam Dairy Products JSC. In 2006, VNM’s shares were listed on HOSE.The company produces and trades in canned milk, powdered milk, beverages, and milkbased products. 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.

Stock recommendations (Vietnam Market)_March 2023

<ul><li>According to Rabobank, global milk powder prices may have peaked in 1Q22 and are expected to decline in 2H22 (to the 2021 average level), thanks to the recovery of global milk supply and slowing demand from China as a result of lockdown policies.</li><li>Since March, Vietnam Dairy Products JSC (VNM) has fixed the price of milk powder until end-August 2022, and input costs are expected to decline from 4Q22 onwards.</li><li>In addition, the company has raised selling prices by 4%–10% YTD for certain products.</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>

According to Rabobank, global milk powder prices may have peaked in 1Q22 and are expected to decline in 2H22 (to the 2021 average level), thanks to the recovery of global milk supply and slowing demand from China as a result of lockdown policies.Since March, Vietnam Dairy Products JSC (VNM) has fixed the price of milk powder until end-August 2022, and input costs are expected to decline from 4Q22 onwards.In addition, the company has raised selling prices by 4%–10% YTD for certain products.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.

Vietnam Dairy Products JSC (VNM VN Equity/ Trading Buy) - Initiation - Recovery in sight

Vietnam

Masan Group Corp. is a diversified private sector group. The Company's principal lines of business include food and beverage, consumer-agri, financial services and natural resources.

KIDO Group Corp produces baked goods and candy. The Company produces cookies, crackers, pies, cakes, and bread, along with chocolate and other candy.

Vinh Hoan Corporation is a seafood trading and processing company. The Company's main products are 
catfish and basa fish fillets, raw catfish as processing materials and value-added products from
seafood.

Dabaco Corporation manufactures and trades cattle food, veterinary medicine, insecticides, and other agricultural and handicraft products. The Company also offers business in real estate and construction.

Thanh Thanh Cong - Bien Hoa Joint Stock Company processes and produces sugar. The Company trades fertilizers, electricity, and agricultural materials. Thanh Thanh Cong - Bien Hoa also constructs industrial park infrastructure and civil works. Thanh Thanh Cong - Bien Hoa serves customers in Vietnam.

Hoang Anh Gia Lai Agricultural Joint Stock Company engages in agricultural business in Vietnam, Laos, and Cambodia. The company engages in the plantation and processing the products from rubber trees, oil palm, and sugar cane. It is also involved in breeding and trading dairy cows and cows for meat. The company was formerly known as Hoang Anh Gia Lai Rubber Joint Stock Company. The company was founded in 2010 and is headquartered in Pleiku, Vietnam.

Vinacaf� Bien Hoa JSC manufactures, markets, and sells food products in Vietnam and internationally. Its products include ground coffee, instant coffee, and cereals. The company was founded in 1968 and is based in Dong Nai, Vietnam.

Sao Ta Foods JSC processes food.  The Company processes and markets fish and shrimp.

Saigon Beer - Alcohol - Beverage Corporation produces and distributes alcoholic beverages. The Company offers beer, spirits, soda, and other products. Saigon Beer - Alcohol - Beverage serves clients in Vietnam.

Hai Ha Confectionery JSC manufactures confectionery.

China Mengniu Dairy Company Limited, through its subsidiaries, manufactures and distributes quality dairy products in China. The principal products are liquid milk products, ice cream, and other dairy products, such as milk powder. The Company markets its products under its primary MENGNIU core brand.

Want Want China Holdings Limited manufactures and trades rice crackers, snack food, beverages, and packing materials.  The Company also manufactures wheat, flour, and raw materials for the manufacture of snack foods.  Most of the company's production facilities are located in China and Taiwan.

PPB Group Berhad is an investment holding company. The Company operations include grains trading, flour and animal feed milling industry as well as downstream activities including livestock farming, food processing and consumer products distribution with primary focus in Indonesia, Malaysia, China, India and Europe.

Dali Foods Group Company Ltd. is a snack food and beverage company. The Company is actively expanding its products offering and distributes its products through retailers.

IOI Corporation Berhad cultivates and processes oil palm and rubber.  The Company, through its subsidiaries, operates in property development and investment, provides landscape services, and sells ornamental plants and turfing grass. IOI Corporation also manufactures industrial and medical gases, and provides building, engineering, and construction services.

CJ CheilJedang Corp. manufactures processed food products.  The Company's products include refined sugar, monosodium glutamate (MSG), condiment, wheat powder, flour, cooking oil, processed meats, and animal feed.  CJ CheilJedang also manufactures pharmaceutical and household products.

Flowers Foods, Inc. produces and markets packaged bakery foods for retail and foodservice customers. The Company offers fresh packaged and frozen bakery products, as well as pastries, doughnuts, and bakery snack products. Flowers Foods serves customers in the State of Georgia.

Universal Robina Corporation manufactures, markets, and distributes branded consumer foods. The Company's products include hogs and poultry farming, animal feeds, corn products, and animal health products.

YAMAZAKI BAKING CO., LTD. produces baking foods including bread, pastry, and cake.  The Company operates nationwide sales network.  YAMAZAKI BAKING also operates franchised cafeterias and convenience stores.

Nestle (Malaysia) Berhad is an investment holding company.  The Company, through its subsidiaries, markets and sells powdered milk and drinks, liquid milk and juices, instant coffee, and instant noodles. Nestle also manufactures and provides packaging for culinary and chocolate-based food products and trades flavoring ingredients.

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Vietnam Dairy Products JSC (VNM VN)

Stock recommendations (Vietnam Market)_March 2023

In 2003, it became a joint stock company and was officially renamed as Vietnam Dairy Products JSC. In 2006, VNM’s shares were listed on HOSE.

Mirae Asset Securities

Vietnam Dairy Products JSC (VNM VN Equity/ Trading Buy) - Initiation - Recovery in sight

Since March, Vietnam Dairy Products JSC (VNM) has fixed the price of milk powder until end-August 2022, and input costs are expected to decline...

Mirae Asset Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)