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Equity Bottom-Up

Vietnam Dairy Products JSC / Equity Bottom-Up

<ul><li>VNM’s Q2-2025 results exhibited a robust QoQ recovery, with net revenue reaching VND 16,725 bn (+29.3% QoQ, flat YoY) and NPAT-MI at VND 12,475 bn (+57.8% QoQ, -7.3% YoY).</li><li>This was supported by the stabilization of the GT distribution channel following temporary disruptions in Q1 due to restructuring, alongside the favorable seasonal peak in the dairy industry during Q2-3.</li><li>However, the net margin remained subdued at 14.8% (-124bps YoY), pressured by rising raw milk powder prices (reaching a two-year high) and increased sales discount expenses.</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>

VNM’s Q2-2025 results exhibited a robust QoQ recovery, with net revenue reaching VND 16,725 bn (+29.3% QoQ, flat YoY) and NPAT-MI at VND 12,475 bn (+57.8% QoQ, -7.3% YoY).This was supported by the stabilization of the GT distribution channel following temporary disruptions in Q1 due to restructuring, alongside the favorable seasonal peak in the dairy industry during Q2-3.However, the net margin remained subdued at 14.8% (-124bps YoY), pressured by rising raw milk powder prices (reaching a two-year high) and increased sales discount expenses.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) - Progressively Stabilizing with The "New GT Framework"

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>For valuation of Viet Nam Dairy Products JSC (VNM), we used the discounted free cashflow to the firm (FCFF) method, with some key assumptions: 1) a required rate of return of 11%; and 2) a terminal growth rate after 2035 of 3%.</li><li>Thus, we maintain our target price at VND79,100 (dividend adjustment) with Buy rating.</li><li>At the input side, in the latest (early September) global dairy auction, prices for dairy products decreased significantly after being maintained at solid price levels in 8M25, as supply outpaced demand.</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>

For valuation of Viet Nam Dairy Products JSC (VNM), we used the discounted free cashflow to the firm (FCFF) method, with some key assumptions: 1) a required rate of return of 11%; and 2) a terminal growth rate after 2035 of 3%.Thus, we maintain our target price at VND79,100 (dividend adjustment) with Buy rating.At the input side, in the latest (early September) global dairy auction, prices for dairy products decreased significantly after being maintained at solid price levels in 8M25, as supply outpaced demand.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 - Record Quarterly Revenue

<ul><li>VNM’s Q1-2025 earnings were below our expectations, with net sales at VND 12,935 bn (-8.3% YoY) and NPAT-MI at VND 1,569 bn (-28.5% YoY).</li><li>The shortfall was driven by a sharp drop in domestic sales caused bythe short-term impact of GT channel restructuring, and margin compression.</li><li>Whole milk powder prices surged to a twoyear high while sales discount expenses remained unchanged despite the revenue decline.</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>

VNM’s Q1-2025 earnings were below our expectations, with net sales at VND 12,935 bn (-8.3% YoY) and NPAT-MI at VND 1,569 bn (-28.5% YoY).The shortfall was driven by a sharp drop in domestic sales caused bythe short-term impact of GT channel restructuring, and margin compression.Whole milk powder prices surged to a twoyear high while sales discount expenses remained unchanged despite the revenue decline.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 - Looking to The "New GT Shirt" To Help Regain Market Share

<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

<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

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)

VIETNAM DAIRY PRODUCTS JSC (VNM) - Progressively Stabilizing with The "New GT Framework"

VNM’s Q2-2025 results exhibited a robust QoQ recovery, with net revenue reaching VND 16,725 bn (+29.3% QoQ, flat YoY) and NPAT-MI at VND 12,475 bn...

Rong Viet Securities

Viet Nam Dairy Products JSC - Record Quarterly Revenue

For valuation of Viet Nam Dairy Products JSC (VNM), we used the discounted free cashflow to the firm (FCFF) method, with some key assumptions: 1) a...

Mirae Asset Securities

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

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

Viet Nam Dairy Products JSC (VNM VN) is the leading dairy corporation in Vietnam,boastingthe largest domestic market share in the liquid milk...

Mirae Asset Securities

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