Net revenue rose 9% in 2017 vs 2016 as robust domestic sales offset a slump in exports. Domestic revenue growth remained on a high note in Q4 2017 (+12% vs Q4 2016) albeit slightly slower than our projection. Market share acquisition fueled VNM’s domestic sales in 2017 as the overall industry only grew single-digit. On the other hand, exports stumbled by 40% in Q4 2017 vs Q4 2016, vs our projection of 35%, as orders from the Iraqi distributor remained sluggish due to its concerns over receivable