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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

Vietnam Dairy Products JSC / Equity Bottom-Up

<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