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External broker reports(aggregated public sources)

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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.

Equity Bottom-Up

Vietnam Dairy Products JSC / Equity Bottom-Up

<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