We reiterate our BUY rating as we believe VNM’s valuation looks attractive with 2022F/2023F PERs of 18.2x/17.3x (based on our forecasts) compared to its five-year average of 21.3x and a five-year average of 27.5x for regional peers. In addition, VNM’s key metrics (e.g., market share, profit margins and ROIC) still compare favorably to peers. 

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