{"id":33033,"date":"2025-09-10T13:09:45","date_gmt":"2025-09-10T06:09:45","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&#038;p=33033"},"modified":"2025-09-11T13:10:54","modified_gmt":"2025-09-11T06:10:54","slug":"en-gtjasvn_vnm-equity-report_the-leading-enterprise-with-attractive-dividend_sep-9-2025","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_vnm-equity-report_the-leading-enterprise-with-attractive-dividend_sep-9-2025\/","title":{"rendered":"(EN) GTJASVN_VNM Equity Report_The leading enterprise with attractive dividend_Sep 9 2025"},"content":{"rendered":"<table>\n<tbody>\n<tr>\n<td>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>KEY HIGHLIGHTS<\/strong><\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">VNM (Vinamilk) is the leading enterprise in Vietnam dairy industry with a dominant market share of over 50% across most product segments. Its long-established position provides VNM with an advantage to continue expanding new product segments, while the company has also built a healthy asset structure (low debt, ample cash), and an attractive cash dividend policy (averaging over 40%\/year\/share, equivalent to a dividend yield\/share of 6% per year).<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">In the short term, VNM is facing certain cost pressures and narrowing profit margins due to the restructuring of its distribution systems as well as the end of the favorable raw milk powder cycle (low prices in 2024). Nevertheless, VNM is effectively implementing cost of goods sold management and system improvements to enhance its margins (as reflected in the gross margin of Q2).<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">At the same time, the company\u2019s policy of expanding exports and diversifying product categories is creating long-term growth drivers for VNM.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">We forecast that VNM will achieve revenue and net profit after tax of VND 62,210 billion and VND 8,951 billion, respectively, equivalent to changes of +0.62% and -5% compared to 2024.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>RECOMMENDATIONS<\/strong><\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">In general, after a growing cycle, VNM is implementing comprehensive solutions to optimize the position it has built over many years in the dairy industry both in the domestic and international markets. The brand repositioning campaigns and continuous changes to the distribution system demonstrate the company\u2019s efforts and the vision of the Board of Directors. Along with that, the healthy financial structure and a high cash dividend policy are among the attractive factors for the stock.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">We value VNM shares at <strong>VND 65,500 per share<\/strong> and recommend <strong>ACCUMULATE<\/strong>.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><a href=\"https:\/\/gtjai.com.vn\/wp-content\/uploads\/2025\/09\/EN-GTJASVN_VNM-Equity-Report_The-leading-enterprise-with-attractive-dividend_Sep-9-2025.pdf\">(EN) GTJASVN_VNM Equity Report_The leading enterprise with attractive dividend_Sep 9 2025<\/a><\/span><\/p>\n","protected":false},"author":24,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-33033","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>(EN) GTJASVN_VNM Equity Report_The leading enterprise with attractive dividend_Sep 9 2025 - GTJA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_vnm-equity-report_the-leading-enterprise-with-attractive-dividend_sep-9-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"(EN) GTJASVN_VNM Equity Report_The leading enterprise with attractive dividend_Sep 9 2025 - GTJA\" \/>\n<meta property=\"og:description\" content=\"KEY HIGHLIGHTS VNM (Vinamilk) is the leading enterprise in Vietnam dairy industry with a dominant market share of over 50% across most product segments. Its long-established position provides VNM with an advantage to continue expanding new product segments, while the company has also built a healthy asset structure (low debt, ample cash), and an attractive [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_vnm-equity-report_the-leading-enterprise-with-attractive-dividend_sep-9-2025\/\" \/>\n<meta property=\"og:site_name\" content=\"GTJA\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-11T06:10:54+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/gtjai.com.vn\/#website\",\"url\":\"https:\/\/gtjai.com.vn\/\",\"name\":\"GTJA\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/gtjai.com.vn\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_vnm-equity-report_the-leading-enterprise-with-attractive-dividend_sep-9-2025\/#webpage\",\"url\":\"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_vnm-equity-report_the-leading-enterprise-with-attractive-dividend_sep-9-2025\/\",\"name\":\"(EN) GTJASVN_VNM Equity Report_The leading enterprise with attractive dividend_Sep 9 2025 - GTJA\",\"isPartOf\":{\"@id\":\"https:\/\/gtjai.com.vn\/#website\"},\"datePublished\":\"2025-09-10T06:09:45+00:00\",\"dateModified\":\"2025-09-11T06:10:54+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_vnm-equity-report_the-leading-enterprise-with-attractive-dividend_sep-9-2025\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_vnm-equity-report_the-leading-enterprise-with-attractive-dividend_sep-9-2025\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_vnm-equity-report_the-leading-enterprise-with-attractive-dividend_sep-9-2025\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/gtjai.com.vn\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"(EN) GTJASVN_VNM Equity Report_The leading enterprise with attractive dividend_Sep 9 2025\"}]}]}<\/script>","yoast_head_json":{"title":"(EN) GTJASVN_VNM Equity Report_The leading enterprise with attractive dividend_Sep 9 2025 - GTJA","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_vnm-equity-report_the-leading-enterprise-with-attractive-dividend_sep-9-2025\/","og_locale":"en_US","og_type":"article","og_title":"(EN) GTJASVN_VNM Equity Report_The leading enterprise with attractive dividend_Sep 9 2025 - GTJA","og_description":"KEY HIGHLIGHTS VNM (Vinamilk) is the leading enterprise in Vietnam dairy industry with a dominant market share of over 50% across most product segments. Its long-established position provides VNM with an advantage to continue expanding new product segments, while the company has also built a healthy asset structure (low debt, ample cash), and an attractive [&hellip;]","og_url":"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_vnm-equity-report_the-leading-enterprise-with-attractive-dividend_sep-9-2025\/","og_site_name":"GTJA","article_modified_time":"2025-09-11T06:10:54+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/gtjai.com.vn\/#website","url":"https:\/\/gtjai.com.vn\/","name":"GTJA","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/gtjai.com.vn\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_vnm-equity-report_the-leading-enterprise-with-attractive-dividend_sep-9-2025\/#webpage","url":"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_vnm-equity-report_the-leading-enterprise-with-attractive-dividend_sep-9-2025\/","name":"(EN) GTJASVN_VNM Equity Report_The leading enterprise with attractive dividend_Sep 9 2025 - GTJA","isPartOf":{"@id":"https:\/\/gtjai.com.vn\/#website"},"datePublished":"2025-09-10T06:09:45+00:00","dateModified":"2025-09-11T06:10:54+00:00","breadcrumb":{"@id":"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_vnm-equity-report_the-leading-enterprise-with-attractive-dividend_sep-9-2025\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_vnm-equity-report_the-leading-enterprise-with-attractive-dividend_sep-9-2025\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_vnm-equity-report_the-leading-enterprise-with-attractive-dividend_sep-9-2025\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/gtjai.com.vn\/en\/"},{"@type":"ListItem","position":2,"name":"(EN) GTJASVN_VNM Equity Report_The leading enterprise with attractive dividend_Sep 9 2025"}]}]}},"_links":{"self":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/research\/33033\/"}],"collection":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/research\/"}],"about":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/types\/research\/"}],"author":[{"embeddable":true,"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/users\/24\/"}],"wp:attachment":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/media\/?parent=33033"}],"wp:term":[{"taxonomy":"cate_research","embeddable":true,"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/cate_research\/?post=33033"},{"taxonomy":"specialized","embeddable":true,"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/specialized\/?post=33033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}