- 2023-07-29T00:00:00
- Company Research
- H1 2023 results: Net sales amounted to VND29.1tn (USD1.2bn; +1.1% YoY) and NPAT-MI was VND4.1tn (USD17mn; -6.7% YoY), completing 47% and 44% of our respective full-year forecasts and in line with our expectations. As such, we do not foresee any potential changes to our forecasts, pending a fuller review.
- According to Nielsen IQ, Vietnam’s FMCG value increased 7% YoY in 5M 2023 but only 2% YoY in April - May 2023. Meanwhile, Vietnam’s milk-based products value inched up 2% YoY in 5M 2023 but only 1% YoY in April - May 2023.
- Q2 2023 results: VNM’s domestic dairy revenue ex-MCM (Moc Chau Milk – VNM’s indirect subsidiary) increased 3.8% YoY and 14% QoQ (based on our estimate from VNM’s parent financial statements), which we believe implies that VNM gained value market share QoQ. Additionally, we believe the high season for Vietnam’s beverage and dairy industries in Q2 encouraged upbeat QoQ sales growth. In H1 2023, VNM launched/relaunched approximately 10 products, focusing on the yogurt, plant-based milk, and nutrition drink categories.
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