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    VNM   VN000000VNM8

VIETNAM DAIRY PRODUCTS JOINT STOCK COMPANY

(VNM)
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Vinamilk Ramps Up R&D Efforts to Win Big Globally

08/23/2021 | 03:52am EST

The Vietnam Dairy Products JSC (Vinamilk) is accelerating R&D efforts to create innovative products enriched with local flavours to satisfy global customers' diverse tastes. With its strategic investment in product development, international expansion, and commitment to sustainability, Vinamilk has become the only Vietnamese dairy company in the Top 50 global dairy producers in 2021, ranked 36th Vinamilk's R&D efforts have developed customized products tailored to the Asian, African and Middle East markets, despite the challenge of limited research data in some regions. Starting with only one infant cereal SKU, the company has since successfully developed and established 66 SKUs in multiple markets. One of Vinamilk's successful innovative products is the Vinamilk Ridielac infant cereal with banana & date flavour. Launched in the Middle East market 5 years ago, this infant cereal with a twist of distinctive local flavour has been widely received, underpinning the subsequent penetration into the North African region upon the shared sentiment towards this delicacy. The dairy giant has also enriched its African products with vitamin A and minerals to help tackle the challenge of vitamin A deficiency. This problem has left 42.4% of sub-Saharan African children with an increased risk of childhood mortality. In the Middle East, which makes up 80% of Vinamilk's export revenue, the brand's localised Ridielac product is a favourite among locals, especially for the variety in flavours that has enabled consumers to switch regularly for their babies' daily diet. In Asia, Vinamilk has introduced sweetened condensed coconut milk in Japan to address demands for plant-based milk, while catering to local consumers with milk allergy.


© S&P Capital IQ 2021
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Financials
Sales 2021 61 315 B 2 698 M 2 698 M
Net income 2021 10 721 B 472 M 472 M
Net cash 2021 10 179 B 448 M 448 M
P/E ratio 2021 18,0x
Yield 2021 4,57%
Capitalization 182 871 B 8 037 M 8 046 M
EV / Sales 2021 2,82x
EV / Sales 2022 2,59x
Nbr of Employees 9 591
Free-Float 66,0%
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Mean consensus BUY
Number of Analysts 11
Last Close Price 87 500,00 VND
Average target price 106 145,45 VND
Spread / Average Target 21,3%
EPS Revisions
Managers and Directors
Lien Kieu Mai Chief Executive Officer & Director
Bang Tam Thi Le Chairman
Khanh Quoc Nguyen Chief Research & Development Officer
Thanh Truc Quang Le Co-Secretary & Director-Foreign Branch
Huong Thi Bui Chief HR & Administration Officer