9M14 results came in slightly below our forecast due to sharply lower export sales affected by the tensions in Iraq (historically 80-90% of export sales). Nonetheless, on the back of a brighter FY15 driven by sharply declining input prices and uptick in domestic sales, we upgraded our recommendation to BUY with target price revised by +14% to VND134,000 per share. At our forecast, VNM is trading FY15 PER of 15.3x against regional peers’ 22-23x.