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

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External broker reports(aggregated public sources)

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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

<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.

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>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>By the end of 3Q23, BID, Vietnam's largest commercial bank, showed a moderate growth in total asset to VND2,132tr (US$87bn, +0.58% YTD).</li><li>Compared to end-1H23, loan quality remained stable with a 1.6% NPL ratio, a lower gross NPL ratio of 3.5% (1H23: 3.8%), and an increase in the loan loss reserve (LLR) ratio to 158.4% (1H23: 151.5%).</li><li>3Q23 PBT contracted by 11.7% YoY, slowing the 9M23 PBT growth to 11.3% YoY (1H23: +25.1% YoY). </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>

By the end of 3Q23, BID, Vietnam's largest commercial bank, showed a moderate growth in total asset to VND2,132tr (US$87bn, +0.58% YTD).Compared to end-1H23, loan quality remained stable with a 1.6% NPL ratio, a lower gross NPL ratio of 3.5% (1H23: 3.8%), and an increase in the loan loss reserve (LLR) ratio to 158.4% (1H23: 151.5%).3Q23 PBT contracted by 11.7% YoY, slowing the 9M23 PBT growth to 11.3% YoY (1H23: +25.1% YoY). 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>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 - November 2023

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

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