Maintain BUY rating and TP at VND 102,765
Vinamilk is the leading company in the dairy industry, with an annual gross profit margin of over 45%, accounts for more than 40% market share and an annual dividend rate of around 5%. Although the business situation fluctuated in the first half of the year, we expect Vinamilk to continue to grow because: 1) The nut milk segment resulted in 3 times higher than expected revenue due to good selling prices and is expected to account for 3% of the total plant milk segment; and 2) The company's investment projects are being disbursed, and some projects will be completed by the end of 2023. Therefore, we maintain our BUY recommendation for Vinamilk with a target price of VND 102,765.
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