VNM [OUTPERFORM +19.6%] - Moderate growth intact; lack of strong re-rating catalysts - Update
  • 2022-02-14T00:00:00
  • Company Research

We downgrade our rating from BUY to OUTPERFORM as we now believe that VNM’s mid-single-digit growth prospects (including 4% EPS growth in 2022F) will curb a strong valuation re-rating for the stock. That said, VNM’s 2022F P/E of 17x (based on our forecasts) looks undemanding vs a 5Y average of peer median TTM P/E of 26x. VNM also offers a solid dividend yield of ~5%.

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