Published Date: 07/08/2024
- In 2Q24, VNM net profit (NP) jumped 21.5% yoy to VND2,670bn mainly driven by the improvement of the market share and lower milk powder price.
- We expect NP to increase 12.7%/4.2% yoy in 2024-25F thanks to improving margin and the recovery of both domestic and foreign market.
- We recommend ADD for VNM with a target price of 79,800 vnd/share.
