VNM – Gradually revealing positive momentum
• In Q3-2025, VNM posted net revenue of VND 16,953 bn (+1.4% QoQ, +9.1% YoY), with NPAT-MI of VND 2,527 bn (+2.1% QoQ, +5.1% YoY) — beating our projection by 4%, driven by a sharp acceleration in exports. The key narratives from Q2 remained intact: post-restructuring stability in the domestic GT channel and continued tailwind from depressed raw milk powder prices.• We retain our 2025 forecasts with NPAT-MI at VND 8,824 bn (-6.1% YoY) and a target price of VND 66,100, combined to an attractive 6.1% dividend yield, we recommend ACCUMULATE for VNM.
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