Published Date: 19/02/2025
- In 4Q24, net profit (NP) was down 8.7% yoy mainly driven by the increasing milk power price. In 2024, NP rose 5.8% yoy to VND9,392bn, completing 94% our previous forecast.
- We expect NP to increase 6%/6% yoy in 2025F-26F thanks to the better recovery of the domestic and the foreign market keeps the double-digit growth.
- We recommend ADD for VNM with a target price of 77,500 VND/share.
