VNM released 2018 results including revenue of VND52.6tn (USD2.2bn, +3% YoY) and NPAT-MI of VND10.2tn (USD439mn, -1% YoY). These are broadly in line with our forecasts, although the pace of recovery in domestic dairy sales in Q4 2018 trailed our expectation while exports outperformed our forecast. We see non-material changes to our current forecasts, pending a more extensive review.