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>In 4Q22, VNM's consolidated net revenue and NPAT recorded VND15,069bn (-4.7% YoY) and VND1,869bn (-15.5% YoY), respectively.</li><li>Domestic net revenue, including MCM (Moc Chau Milk), decreased by 1.7% YoY to VND12,800bn due to the decreasing consumption in the low-end segment and the short-term impact of restructuring the distribution system.</li><li>Meanwhile, MCM’s net revenue recorded VND787bn (+9.5% YoY), the highest growth rate of the year thanks to the effectiveness of marketing campaigns in urban areas. </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 4Q22, VNM's consolidated net revenue and NPAT recorded VND15,069bn (-4.7% YoY) and VND1,869bn (-15.5% YoY), respectively.Domestic net revenue, including MCM (Moc Chau Milk), decreased by 1.7% YoY to VND12,800bn due to the decreasing consumption in the low-end segment and the short-term impact of restructuring the distribution system.Meanwhile, MCM’s net revenue recorded VND787bn (+9.5% YoY), the highest growth rate of the year thanks to the effectiveness of marketing campaigns in urban areas. 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/Trading Buy)_Update_Slow recovery in 1H23