VNM [OUTPERFORM +19.4%] - Domestic growth and gross margin still face headwinds - Update
  • 2022-06-01T00:00:00
  • Company Research

We cut our target price (TP) by 12% as we believe VNM’s low-single-digit 2021-2026 EPS CAGR of 4% (vs 2015-2020 EPS CAGR of 7%) that is underpinned by constricted growth prospects will restrain the stock from a strong valuation re-rating.

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