Company Insight

Vietnam Dairy Product Joint Stock Company (Vinamilk, HOSE: VNM) is a dairy company with the leading market share along with the largest distribution system and cow herds in Vietnam. Besides, the business is also continuously expanding to large countries and territories such as China and the Middle East.

VNM announced its Q3 business results with net revenue of VND 15,537 billion, decreasing -6.72% QoQ and approximately equal to the same period last year. NPAT reached VND 2,403 billion, -11% QoQ and -4% YoY. Accumulating in 9 months, VNM has recorded more than VND 46,000 billion in revenue and VND 7,300 billion in net income, completing 73% and 71% of the 2024 plan, respectively. 

We update our valuation and maintain BUY recommendation on VNM with a target price of VND 76,000, equivalent to an expected return of 19.5%.