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

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Equity Bottom-Up

<ul><li>Consolidated Q1 2023 sales of VND13,918 bn (USD592 mn, -7.6% QoQ; +0.3% YoY) is a mixture of lower domestic sales and stronger overseas sales.</li><li>Export sales have returned to positive growth after experiencing negative growth in 2022.</li><li>Profit margin narrowed due to high dairy raw materials costs and the surge of SG&amp;A 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>

Consolidated Q1 2023 sales of VND13,918 bn (USD592 mn, -7.6% QoQ; +0.3% YoY) is a mixture of lower domestic sales and stronger overseas sales.Export sales have returned to positive growth after experiencing negative growth in 2022.Profit margin narrowed due to high dairy raw materials costs and the surge of SG&amp;A 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.

VNM - Lower Input Costs Are Expected to Take Effect in 2023

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

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

<ul><li>In 1Q23, Vietnam Dairy Products JSC (VNM) recorded consolidated net revenue of VND13,918bn (+0.3% YoY), completing 22% of its annual guidance.</li><li>While powdered and drinking milk products faced stiff competition, yogurt and condensed milk products continued to achieve high revenue growth in 1Q23.</li><li>Consolidated gross margin remained at the lowest level of 38.8% since 2Q15 (same as 4Q22, 1Q22: 40.5%).</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 1Q23, Vietnam Dairy Products JSC (VNM) recorded consolidated net revenue of VND13,918bn (+0.3% YoY), completing 22% of its annual guidance.While powdered and drinking milk products faced stiff competition, yogurt and condensed milk products continued to achieve high revenue growth in 1Q23.Consolidated gross margin remained at the lowest level of 38.8% since 2Q15 (same as 4Q22, 1Q22: 40.5%).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/Buy) - Update - Gross margin to improve in 2H23

<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

<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

Vinamilk, formally Vietnam Dairy Products Joint Stock Company, is Vietnam's largest dairy company, specializing in the production and distribution of a wide range of dairy products including liquid milk, powdered milk, condensed milk, yogurt, ice cream, and infant cereal. The company also offers soy drinks, fruit juices, and tea. Vinamilk's headquarters are in Ho Chi Minh City, Vietnam, and it was established in 1976.

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Vinamilk (VNM VN)

VNM - Lower Input Costs Are Expected to Take Effect in 2023

Consolidated Q1 2023 sales of VND13,918 bn (USD592 mn, -7.6% QoQ; +0.3% YoY) is a mixture of lower domestic sales and stronger overseas sales.

Rong Viet Securities

Vietnam Dairy Products JSC (VNM VN Equity/Buy) - Update - Gross margin to improve in 2H23

In 1Q23, Vietnam Dairy Products JSC (VNM) recorded consolidated net revenue of VND13,918bn (+0.3% YoY), completing 22% of its annual guidance.

Mirae Asset Securities

Vietnam Dairy Products JSC (VNM VN/Trading Buy)_Update_Slow recovery in 1H23

In 4Q22, VNM's consolidated net revenue and NPAT recorded VND15,069bn (-4.7% YoY) and VND1,869bn (-15.5% YoY), respectively.

Mirae Asset Securities

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

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