We reiterate our MARKET PERFORM rating on GTN while reducing our target price by 14% as results of both Vilico (dairy, pig farming) and Vinatea (tea) undershot our expectations. NPAT declined 10% in 2017 vs 2016 as losses from Vinatea and pig farming, coupled with goodwill amortization, more than offset the positive contribution from Moc Chau Milk (MCM). On a standalone basis, dairy EBIT inched up 3% YoY in 2017 on the back of 8% top line growth (10% volume, -2% ASP),