VNM released Q1 2021 results, including net revenue of VND13.2tn (USD573mn; -7% YoY) and NPAT-MI of VND2.6tn (USD112mn; -7% YoY). These results achieved 20% and 23% of our respective current full-year forecasts. Overall, Q1 2021 results trailed our expectations — particularly regarding domestic dairy sales. As such, we see potential downside risk to our current forecasts, pending a fuller review.