Dairy 2010

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12 April 2010 SECTOR VIEW

Please refer to important disclosures at the end of thi s document. 1

www.mekongsecurities.com

Developing a taste for dairy

Appetite for powdered milk and yoghurt

We are POSITIVE on Vietnams dairy sector. We expect it to maintain high-growthmomentum due to a growing customer base, low milk consumption per capita, rising

disposable income and increasing health awareness among consumers. Distribution

networks are expanding and dairy producers are launching aggressive advertising

campaigns.

The dairy sector, valued at VND21,275 billion (USD1.1 billion) in 2008, is among the

fastest-growing in Vietnams non-discretionary consumer sector, with a CAGR of

14.6% over the last eight years. We estimate the value of the sector will rise 9.5% per

annum during 2010-13, while volume should increase at a 7% CAGR for the next four

years.

We see growth potential in powdered milk and yoghurt. Powdered milk, which makes

up 13% of Vietnams dairy market, was the most attractive sub-sector during 2003-

09, posting double-digit CAGR of 10.7% in volume and 16.6% in value. Powdered-

milk producers benefit from their ability to pass on rising imported-material costs to

end consumers. We expect the sub-sector to continue to offer strong growth

potential. Euromonitor has projected CAGR of 14.43% in value for the sub-sector in

2010-13. Yoghurt meanwhile accounts for 15% of the dairy markets value and

includes health-conscious target consumers. The yoghurt sub-sectors value grew

12.6% in 2009, and consumers seemed relatively insensitive to price rises. The

CAGR in terms of value for the yoghurt sector could remain as high as 11.8% in

2010-13.

The sector faces supply and demand imbalances as domestic herds can only meet

about 20% of total nationwide demand. Heavy dependence on foreign markets forinput materials creates a risk of margin compression due to fluctuating prices of

imported dairy products. Strong brand loyalty towards larger producers and the low

price elasticity of demand for milk products help mitigate this risk.

We think multinational and domestic players will face tougher competition due to

rising consumer power and a broader range of substitutes. Dairy producers are under

pressure to improve their product mix as milk consumers become wealthier and more

health conscious. We expect limited changes in the competitive structure within each

sub-sector due to rising competition among existing players and relatively high

barriers to entry. The dairy market is dominated by leading domestic company

Vinamilk and Dutch Lady Vietnam, a subsidiary of FrieslandCampina. Each company

holds around 37-39% of the total market size.

We initiate coverage on Vinamilk (HOSE:VNM), Vietnams largest listed dairy

producer, with a BUY rating, given the robust demand for dairy products, coupled

with the companys strong market position and planned capacity expansion. Our

blended valuation approach yields a price target of VND104,000 (USD5.45), a 20.2%

premium to the closing price of VND86,500 (USD4.53) and provides an expected

total return of 23.1% over the next 12 months. Our price target implies 15.5x FY10E

PER and 15.7x FY11E PER, which is slightly higher than other domestic food and

beverage (F&B) companies, but below that of regional dairy peers.

Anh Dang(84 8) 3520-2050 - Ext : [email protected] H

Ht

Thu Vo(84 8) 3520-2050 - Ext: 8158

[email protected]

H

Duong Pham(84 8) 3520-2050 - Ext: 8125

[email protected]

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SECTOR VIEW 2

Developing A Taste For Dairy

High growth momentum

The dairy sector is among the fastest-growing industries in Vietnams non-discretionary

consumer sector, with a CAGR of 12.8% between 2004 and 2009. We expect it to

maintain high-growth momentum due to a growing customer base, rising disposable

income and increasing brand awareness among consumers. Distribution networks are

expanding and dairy producers are launching aggressive advertising campaigns. We

estimate the value of the sector will rise 9.5% per annum during 2010-13, while volume

should see a 7% CAGR for the next four years.

Vietnam has recorded a sustainable GDP growth rate of more than 7% for the past five

years and disposable income has increased to more than USD1,000 per capita. Such

economic prosperity has fuelled demand for high-protein food, especially dairy products.

GDP is projected to expand 7-8% annually for 2010-15, and GDP per capita is expected

to reach USD1,800 by 2015.

A rising population, rapid urbanisation and increasing penetration of milk consumption

into broader age groups rather than the traditional newborn to 6-year-old group for

powdered milk and 6-12-year-old group for traditional milk have helped expand theconsumer base for dairy products. Vietnams population is expected to rise 1.2%

annually from 88.7 million in 2010 to 94.3 million in 2015. Moreover, there is a clear

trend towards urbanisation in the country, with approximately 30% of the population

living in cities, up from only 20% in the mid-1990s. Rapid urbanisation, coupled with

increasing real income, has encouraged better nutrition and the incorporation of more

animal proteins and processed foods in diet. Per capita animal protein intake has more

than doubled since 1990. More importantly, Vietnams milk consumption per capita is

among the lowest compared with international benchmarks, suggesting ample growth

potential. In 2008, dairy consumption per capita was 12 litres/person/year, compared

with the average 65 litres/person/year in Asia and 100 litres/person/year worldwide.

The larger dairy producers have invested heavily in expanding their distributionnetworks and raising brand awareness through aggressive advertising campaigns.

Dairy producers typically spend around 30% of their total sales expenses on

advertising. Vinamilk spent VND127.4 billion on advertising and promotion in 2008,

rising to VND181.2 billion in 2009, equivalent to 14% of the years total sales expenses.

Dairy sector growth is correlated to improved health awareness and newly adopted

milk-drinking habits among Vietnamese consumers. National and corporate campaigns

to fight against child malnutrition as well as progressive consumer education have

raised awareness of the importance of daily dairy consumption. Expanding product lines

to target different demographics, including young female professionals and the elderly,

have helped broaden the customer base for dairy products.

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Chart 1: Dairy products: Population growth vs. volume growth

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

03-04 04-05 05-06 06-07 07-08 08-09 09-10F 10F-13F

Fluid milk Powder milk Condensed milk Yoghurt Population

Source: Euromonitor, Mekong Securities

Market segmentation

The main sub-sectors of the Vietnams dairy market are: 1) fluid milk (plain milk,

flavoured fluid milk, soy beverages); 2) powdered milk; 3) condensed milk; and 4)

yoghurt, which is further segmented into drinking yoghurt and spoonable yoghurt.

Fluid milk

Fluid milk, at 51%, accounts for the largest share of the sector in terms of total value.Fluid milk consumption has increased 74.45% from 174.5 million litres in 2003 to 304.5

million litres in 2009. The CAGR for the period is 9.74% in volume and 13.57% in value.

Although volume grew at a decreasing rate of 7.41% in 2008-09, value growth remained

high at 9.87%, reflecting the low demand elasticity, owing to improved health

consciousness and rising disposable income. Euromonitor forecasts that the CAGR for

fluid milk will drop to 6.12% in volume and 7.88% in value during 2010-13.

SECTOR VIEW 3

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Chart 2: Fluid milk: Sales by sub-sector Chart 3: Fluid milk: CAGR in volume and value

98.3139.4

172.2 182.1 191.7 200.7209.139.9

54.8

72.9 78.784.2 89.7

95.1

36.3

46.4

59.4

64.670

75.881.9

0

50

100

150

200

250

300

350

400

450

2003 2006 2009 2010F 2011F 2012F 2013F

millionlitre

s

Fluid milk Flavoured fluid milk Soy beverages

9.74%

6.12%

13.57%

7.88%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

2003-2009 2010-2013

Volume grow th Value grow th

Source: Euromonitor, Mekong Securities Source: Euromonitor, Mekong Securities

Powdered milk

Powdered milk accounts for 13% of Vietnams dairy market. It is the most attractive sub-

sector, with double-digit CAGR of 10.7% in volume and 16.6% in value for 2003-09.

Powdered milk producers benefit from their ability to pass on rising imported-material

costs to end consumers. The relatively low price elasticity of powdered milk is driven by

the pestering power of its target group of infants and young children as well as its

expanding consumer base. The General Statistics Office estimates the population of

newborn to 4-year-old children will increase 3.6% during 2010-15, compared with 0.6%

for 5- to 9-year-old children during the same period. We expect this sub-sector to

continue to offer strong growth potential, posting CAGR of 11.25% in volume and

14.43% in value for 2010-13, as projected by Euromonitor.

Chart 4: Powdered milk: Sales Chart 5: Powdered milk: CAGR in volume and value

4.35.7 7.5

8.1 8.7 9.3 9.94.3

5.7

8.39.5

10.812.4

14.3

0

5

10

15

20

25

30

2003 2006 2009 2010F 2011F 2012F 2013F

'000tonnes

Powder milk Flavored pow der milk

10.67% 11.25%

16.56%

14.43%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

2003-2009 2010-2013



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Condensed milk

Despite its low nutritional content, condensed milk ranks second in terms of market

share due to its popularity among Vietnamese consumers. Before the increase in

disposable income, its low price point made it the nations favourite dairy product. The

sectors annual growth declined to a modest level of 4.2% in volume and 8.75% in value

during 2004-09 as consumers disposable income increased and they began switchingto more nutritionally rich dairy products. We expect condensed milk to witness a slightly

higher CAGR of 6.25% in volume and 8.75% in value in the next four years as it is still

preferred in rural areas, which account for more than 70% of the population.

Chart 6: Condensed milk: Sales Chart 7: Condensed milk: CAGR in volume and value

95.1106

121.7128.4

136.1145

155.1

0

20

40

60

80

100

120

140

160

180

2003 2006 2009 2010F 2011F 2012F 2013F

millio

nlitres

Condensed milk

4.20%

6.25%

8.75% 8.75%

0.00%

1.00%

2.00%

3.00%

4.00%5.00%

6.00%

7.00%

8.00%

9.00%

10.00%

2003-2009 2010-2013



Yoghurt

Yoghurt accounts for 15% of the dairy markets value. Its target market includes health-

conscious consumers. The sub-sectors value grew at a rate of 12.6% in 2009 as

consumers were relatively insensitive to price rises. Spoonable yoghurt recorded a

CAGR of 12.6% in 2003-09, outperforming drinking yoghurt, which saw an estimated

annual gain of 7.3% in the same period. The presence of a wider variation of yoghurt

products has increased their popularity. We expect drinking yoghurt to achieve higher

growth rates than spoonable yoghurt due to changing consumer tastes. Volume CAGR

for drinking yoghurt is projected to rise to 9.98% in 2010-13, while that of spoonable

yoghurt is expected to decline to 10.4%. In terms of value, CAGR for the yoghurt sector

should remain as high as 11.8%.

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Chart 8: Yoghurt: CAGR in volume and value

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

2004 2005 2006 2007 2008 2009 2010F 2011F 2012F 2013F

Yoghurt Drinking yoghurt Spoonable yoghurt


Dependent on imports to meet demand

There were 72 dairy-processing companies in Vietnam in 2009. Total annual capacity

for the sector currently stands at 796.2 tins of condensed milk, 101.5 thousand tonnes

of whole milk powder, 778.3 million litres of UHT milk and 150.8 million litres of yoghurt.

Despite recent capacity improvements, domestic supply can only meet approximately

20-30% of the demand nationwide. This figure is significantly lower than the official

target rate of 40% in 2010 as stated in the Ministry of Industry and Trades Decision No.

167/2001/QD-TTg. At the end of 2009, the ministry decided to postpone its target to

2025.

Chart 9: Government planning (2010-25)

350

550

934.5

1344.7

22

3436

40

0

200

400

600

800

1000

1200

1400

1600

2010 2015 2020 2025

'000tonnes

0

5

10

15

20

25

30

35

40

45

%

Raw Milk Supply Self-eff iciency rate

Source: Ministry of Industry and Trade, Mekong Securities

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The significant imbalance between supply and demand reflects issues associated with

Vietnams herd development. The domestic herd is low in productivity, with the average

milk per cow amounting around 1,700kg per year, significantly behind international

standards. In comparison, the average is 6,200 kg for the EU, 8,400 kg in the US and

3,300 kg in New Zealand. Although the size of the domestic herd has increased from

113,200 heads in 2006 to 120,000 heads in 2009, dairy farmers find it difficult to

compete with foreign suppliers due to rising animal-feed prices, high production and

collection costs, and geographical and cultural constraints.

The poor herd quality means Vietnam is dependent on foreign suppliers for milk

ingredients. Milk and dairy products ranked fifth in terms of import turnover of agri-

commodities in 2008 in Vietnam. Every year, Vietnam imports approximately USD545

million worth of milk-related products, accounting for 5.8% of the total import turnover of

agro-forestry-fishery products and materials.

Chart 10: Milk and dairy product import turnover Chart 11: Import market share for dairy products (Jan-Nov 2009)

170.8201.2

278.9302.7

462.2

533.9

442.0

-

100

200

300

400

500

600

2003 2004 2005 2006 2007 2008 Nov-

09

MillionUSD

Holland,28.10%

New

Zealand,

22.35%

China,

0.60%

Others,

37.05%

U.S.,

11.90%

Source: GSO, Mekong Securities Source: AGROINFO, Mekong Securities

Holland and the US maintain high growth rates in terms of turnover and market share

among countries exporting milk and milk products to Vietnam, according to AGROINFO.

Imported milk and milk products from Holland totalled USD136.3 million over the first 11

months of 2009, up more than 25% compared with the same period the previous year

and accounting for 28.1% of the total quantity of imported milk in Vietnam. Vietnams

turnover of milk imports from the US totalled USD57.6 million, up more than 50% over

the same period a year earlier, equivalent to a share of 11.9%. New Zealand ranked

second in terms of import turnover, reaching USD108.4 million. New Zealands market

share decreased to 22.4% in 2009 from 29.8% the previous year. The share of Chinese

milk products made up only 0.6% of the total turnover over the first 11 months of 2009

due to the melamine scandal.

Prices on the rise

Vietnams dairy products are among the most expensive in the world. The average cost

of milk in Vietnam is USD1.40/litre, compared with USD1.30/litre in New Zealand and

the Philippines, USD1.10-1.20/litre in Australia and China, and USD0.90/litre in the UK,

Hungary and Brazil, according to Euromonitor.

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Chart 12: Retail milk prices in various countries (2008) (USD/litre)

1.1

0.5

1.3

1.4

1.2

1.3

0.6

0.9

0.80.7

0.8

0.9

1.4

0.50.9

-- 0.5 1.0 1.5

China

India

Philippines

VietNam

Australia

New Zealand

Czech Republic

Hungary

PolandRussia

Germany

UK

USA

Mexico

Brazil

Source: Euromonitor

Although prices of material milk worldwide dropped at the end of 2008, prices of finished

milk products in Vietnam were on the rise, without showing any signs of a decrease.

This indicates the low price elasticity of demand for milk products in Vietnam and

relatively high brand loyalty. We expect further rises in prices of dairy products owing to

increasing costs of imported milk powder as well as higher fuel and transportation costs.

Chart 13: Whole milk powder: Global price (USD/metric tonne)

-

1,000

2,000

3,000

4,000

5,000

6,000

Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09

Source: USDA

AgroMonitor, a Vietnam-based agriculture research company, estimates Vietnamese

milk prices to grow 12-17% yoy in 2010. It attributes the rise to: 1) rising global milk

prices as the world economy recovers; 2) higher production costs; 3) rising sugar prices;

4) continued supply-demand disequilibrium, leading to further hikes in milk prices; and

5) fluctuating exchange rates having a negative effect on imported dairy products.

Growing competition

Although there are a large number of dairy brands in Vietnam, the market is dominated

by Vinamilk, the leading domestic company, and Dutch Lady Vietnam, a subsidiary of

FrieslandCampina. Each makes up around 37-39% of the total market. The level of

competitiveness varies across sub-sectors. While players are moving out of the

condensed milk sub-sector, other sub-sectors are seeing increasing interest from local

and multinational brands, including Nestle, Abbott, Mead Johnson, Long Thanh and

Moc Chau milk.

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Drinking milk

Dutch Lady and Vinamilk are the leading players because both companies are pioneers

in various drinking milk products, such as flavoured and UHT milk drinks. The two rivals

benefit from their aggressive marketing and promotional campaigns as well as rapidly

expanding distribution channels. However, national brands such as Long Thanh and

Moc Chau milk pose a growing threat as consumers, especially in rural areas, couldswitch to more affordable brands if Vinamilk and Dutch Ladys products become too

expensive.

Chart 14: Liquid milk: Market share (2007)

Vinamilk

, 35%

Dutch

Lady,

37%

Others,

28%


Powdered milk

The main players in the powdered milk sub-sector include domestic player Vinamilk and

foreign brands such as Dutch Lady, Abbott, Mead Johnson and Dumex. Market shares

range from 10-20%, reflecting the high level of competition within the sector and the

lack of a clear dominant player.

Chart 15: Powdered milk: Market share (2007)

Abbott,

18%

Other ,

23%

Dutch

Lady,

20%

Vinamilk,

14%

Mead

Johnson,

15%

Nestle,

10%


Yoghurt

Vinamilk holds the lions share of the yoghurt sub-sector, with a 55.8% market share. Of

this share of the market, Vinamilk holds a 72.1% share for spoonable yoghurt and 8.5%

for drinking yoghurt. Its dominant position in this niche market is a consequence of

sizeable advertising, regular introduction of new products and a substantial R&D

budget.

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Chart 16: Yoghurt: Market share (2007)

Dutch

Lady,

12%

Anco, 7%

Others,

25%Vinamilk,

56%


Condensed milk

Vinamilk and Dutch Lady, which have well-established brands, dominate this segment.

The segment typically targets low-income consumers who spend a large portion of their

disposable income on food and are therefore generally quite price sensitive. Pursuant to

changes in consumer preference towards liquid milk and yoghurt, we expect condensedmilk consumption to stabilise.

Chart 17: Condensed milk: Market share (2007)

Vinamilk,

79%

Dutch

Lady,

21%


Constraints for new entrants and small players

We believe multinational and domestic players will face tougher competition due to

rising consumer power and a broader range of substitutes. As milk consumers become

wealthier and more health conscious, dairy producers are under pressure to improve

their product mix to cater to more sophisticated customer needs. We expect limited

changes in the competitive structure within each sub-sector due to rising competition

among existing players and relatively high barriers to entry.

Over the years, key players such as Vinamilk and Dutch Lady have invested heavily inexpanding their distribution networks nationwide. As a result, new entrants and small

players with limited financial resources face mounting difficulties in maintaining

market share.

Table 1: Key players distribution points and outlets in Vietnam

Distribution points Outlets

Vinamilk 250 140,000

Dutch Lady 150 100,000

Nutifood 121 60,000

Source: Vinamilk, Mekong Securities

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Aggressive advertising and promotional campaigns by major dairy producers have

raised brand awareness among milk consumers. This, coupled with consumers

reluctance to switch to new brands, is a major constraint facing newer players.

Key players with long track records in Vietnam have gained a better understanding of

the shopping habits and tastes of Vietnamese consumers. We believe it would take time

for new entrants to build brand awareness and understand local consumers.

Development strategy

As stated in the National Dairy Development Plan, the government aims to increase

domestic production to satisfy 36% of demand by 2020 and 40% by 2025.

Dairy herd development

In 2009, raw milk production from the domestic herd met only around 20-30% of total

dairy consumption. In Vietnam, only 5% of the total number of dairy cattle is raised in

farms of 100-200 heads; the rest is raised by individual households. By the end of 2009,

there were 19,639 dairy farmers with an average of 5.3 cows per farm, indicative of

quality issues within Vietnams domestic herd.

Chart 18: Milk output vs. population (200615)

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2015

7880

82

84

86

88

90

92

94

96

Dairy cattle ('000) Milk output ('000 tonnes)Population (m people)

Source: Ministry of Agriculture & Rural Development, Mekong Securities

The government plans to increase the domestic herd to 200,000 heads in 2010,

350,000 in 2015 and 500,000 in 2020. To make this plan feasible, the government

encourages institutions and individuals to focus on crossbreeding dairy cows for better

quality as well as offering interest-free loans and subsidies to farmers. Given the actual

number of 120,000 heads in 2009, we believe the plan may prove to be too ambitious.

Moreover, the development of the domestic dairy herd will face difficulties associatedwith price increases for cattle feed, higher production costs, unfavourable environmental

conditions and relatively poor technology. We expect the Vietnamese dairy industry to

remain heavily dependant on imported sources until at least 2020.

Trade policy in the context of WTO integration

Vietnam protects its indigenous dairy industry by tariffs on imports and duty quotas.

According to a study by the International Research Centre on the level of trade

protection in Vietnam, the dairy sector enjoys considerable benefits from governmental

interventions with a nominal rate of protection (NRP) calculated at 22.6% (Sullivan,

2002).

Exporting countries to Vietnam are grouped in two categories:

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SECTOR VIEW 12


WTO members for whom Vietnam applies most-favoured nation (MFN) tariffs.

Tariffs on manufactured dairy products range between 10% and 30% on raw

material and pre-manufactured products, which include skim and whole milk

powder.

ASEAN Free Trade Area (AFTA) members, for whom Common Effective

Preferential Tariffs (CEPT) apply. CEPT tariffs for skim and whole milk powders arecurrently subject to 5% tariffs.

Concerns

As milk consumers become wealthier and more health conscious, dairy producers are

under pressure to improve their product mix to cater to consumers needs. Recent

surveys show an increasing number of consumers pay attention to product quality and

prices. Consumers are willing to pay higher prices for dairy products from well-known

international brands with greater perceived nutritional benefits. This creates pressure on

local companies to improve the quality of their products.

Quality control is one of the most important issues for dairy producers. In 2008, theVietnamese milk industry was adversely affected by the melamine scandals in China.

Similar scandals could further damage the national dairy industry if consumers were to

shift to more trusted international brands.

Dairy producers are under great pressure to reduce their prices in the medium to long

term, considering that Vietnams dairy is among the most expensive in the world.

Moreover, a heavy dependence on foreign markets for input materials increases the risk

of margin compression as prices of imported dairy products rise. A lower profit margin is

also associated with the costly advertising and marketing campaigns initiated by various

dairy producers.

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Trade idea: BUY Vinamilk

We initiate coverage on Vinamilk (HOSE:VNM), Vietnams largest listed dairy producer,

with a BUY rating, given robust demand for dairy products, coupled with the companys

solid market position and capacity expansion. Our blended valuation approach yields a

price target of VND104,000 (USD5.45), a 20.2% premium to the closing price of

VND86,500 (USD4.53). The price target offers potential total shareholder return of

23.1% over the next 12 months. Our price target implies 15.5x FY10E PER and 15.7x

FY11E PER, which is slightly higher than that of other domestic F&B companies, but is

still below regional dairy peers.

We believe Vinamilk will remain the premier growth company in the Vietnamese dairy

sector. We expect it to weather the increasingly competitive condition in the industry,

and enjoy impressive growth during the next two years in Vietnams largely under-

penetrated dairy market. The companys skilled management, unparalleled brand

recognition, extensive distribution channels, financial strength and superior product

offerings should enable it to maintain its strong competitive position.

The company is building a new milk and health drink factory that will offer additionalrevenue streams beginning 2012. Vinamilks unrivalled distribution network spans

Vietnam and forms a sizeable barrier for competitors.

In our opinion, Vinamilk offers an attractive buy-and-hold investment opportunity for the

long term, with robust annual growth, impressive distribution, diversified products and

significant market share.

Table 2: Listed food and beverage companies

Source: Bloomberg, Mekong Securities

Ticker KEY PLAYERSPrice

(VND)

MarketCap

(VNDbn)

IndexWeight

(%)

Avg Vol30D

(shares)

ROE

(%)

ROA

(%)

P/E

(times)

P/B

(times)

ForeignOwnership

HOSE:VNM VINAMILK 86,500 30,539 6.92 222,407 42.53 32.80 7.20 3.97 46.17%

HOSE:KDC KINHDO CORP 66,000 5,293 1.22 329,835 20.85 13.23 9.79 1.96 25.30%

HOSE:MPCMINH PHUSEAFOOD 33,000 2,310 0.52 88,241 22.98 10.55 9.82 2.15 13.60%

HOSE:SBT TAY NINH SUGAR 13,600 1,921 0.14 793,763 13.85 12.57 7.55 0.96 7.38%

HOSE:VHC VINH HOAN CORP 44,100 1,558 0.35 13,352 35.88 13.77 8.56 2.50 23.24%

HOSE:LSS LAM SON SUGAR 41,600 1,228 0.28 161,060 24.78 16.95 7.83 1.77 9.45%

HOSE:ANV NAM VIET CORP 21,800 1,430 0.33 594,728 -11.59 -7.29 - 0.78 6.34%

Average 43,800 6,326 1.39 314,769 21.3 13.2 8.46 2.01 18.80%

SECTOR VIEW 13

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SECTOR VIEW 14


Notes

Documents

Dairy 2010