VNM’s soft domestic dairy revenue in Q3 2018 (-4% YoY per our estimate) undershoots our expectation of a mild recovery after a weak H1 2018. On the other hand, exports strengthened in Q3 2018 while G&A also came in lower than our projections. These offsetting factors prompt us to think that there will be no material change to our 2018 NPAT-MI forecast, pending a fuller review. Having said that, we will need to explore the prolonged weakness in domestic dairy consumption, even though we remain po