Profit margin expansion drove 1Q24 earnings growth. VNM posted revenue and profit after tax (PAT) of VND14,125 bn (+1.2% yoy) and VND2,208 bn (+15.8% yoy), respectively.

Maintain an optimistic outlook for profit growth in 2024. We forecast revenue and NPAT-MI at VND62,405 bn (+3.4% yoy) and VND9,751 bn (+9.9% yoy), respectively. The forecasts translate to an EPS of VND4,165/share and a forward P/E of 15.8x.

We maintain our OUTPERFORM rating for VNM, with a target price of VND77,100/share, corresponding to a target P/E of 17.7 times of regional peers and the average EPS for 2024-2025.

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Please find the attached file below.