The company reported VND22,070bn in revenue (+37% Y-o-Y) and VND4,218bn in net profit (+17% Y-o-Y). If we exclude the extraordinary income from the sales of the instant coffee factory in 2010, net profit grew 28% in 2011. At FY2011 EPS of VND7,717, VNM is trading at a trailing PER of 12.4x. VNM’s management is guiding for a 20% top-line growth and 11.2% bottom-line growth in 2012. That translates to 2012 EPS of VND8,436 and PER FY2012F of 11.4x.