VNM posted impressive revenue and NPAT growth of 18.6% and 32.7%, respectively, in H1 2016 vs H1 2015. With these results, we will likely revise up our FY16 forecast slightly, with the most important adjustments to be made in domestic sales and selling expenses. This, coupled with the roll-over effect in our valuation model, will likely prompt us to upgrade our rating for VNM from MARKET PERFORM currently to OUTPERFORM.