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Equity Bottom-Up

Vietnam Dairy Products JSC / 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

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>Viet Nam Dairy Products JSC (VNM VN) is the leading dairy corporation in Vietnam, and boasts the largest domestic market share in the liquid milk segment and second largest market share in 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 total cows of nearly 150,000.</li><li>VNM also has a wide distribution system, with over 300,000 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, and boasts the largest domestic market share in the liquid milk segment and second largest market share in the formula milk segment.VNM currently operates 15 farms in the Indochina region and is a major buyer of fresh milk from farmers, with total cows of nearly 150,000.VNM also has a wide distribution system, with over 300,000 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 - Weak Consumption Hampers Growth Prospects

<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.

<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

Thematic (Sector/Industry)

<ul><li>Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993.</li><li>The Bank has its core business in mobilizing capital and crediting.</li><li>In addition, VPBank also engages in international banking services, trades foreign currencies, financial investment, risk management and capital protection. </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>

Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993.The Bank has its core business in mobilizing capital and crediting.In addition, VPBank also engages in international banking services, trades foreign currencies, financial investment, risk management and capital protection. 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) - April 2024

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.

Vietnam Dairy Products JSC (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

Viet Nam Dairy Products JSC - Weak Consumption Hampers Growth Prospects

In 2024, for the base case scenario, we believe domestic consumption will be sluggish, as exportoriented workers, a major group of consumers, may...

Mirae Asset Securities

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