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.

External broker reports(aggregated public sources)

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

Equity Bottom-Up

<ul><li>For our valuation of Viet Nam Dairy Products JSC (VNM), we used the discounted free cashflow to the firm (FCFF) method, with the key assumptions of: 1) a required rate of return of 11%; and 2) a terminal growth rate after 2036 of 2%.</li><li>Thus, we maintain our target price of VND76,800 and Buy rating for VNM.</li><li>By end-April, global skim milk powder (SMP) and whole milk powder (WMP) prices remained high, reaching US$3,448/ton and US$3,666/ton.</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 our valuation of Viet Nam Dairy Products JSC (VNM), we used the discounted free cashflow to the firm (FCFF) method, with the key assumptions of: 1) a required rate of return of 11%; and 2) a terminal growth rate after 2036 of 2%.Thus, we maintain our target price of VND76,800 and Buy rating for VNM.By end-April, global skim milk powder (SMP) and whole milk powder (WMP) prices remained high, reaching US$3,448/ton and US$3,666/ton.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.

ベトナム乳製品株式会社（VNM VN）－国内市場：継続的な改善

Vinamilk

ベトナム乳製品株式会社（VNM VN）－国内市場：継続的な改善