Analyst Pin-board VHC - 2020 AGM Update
The performance of the main segment, pangasius, appeared to be better than our expectations for 2Q2020. Although the collagen-gelatin (C-G) expansion plan will be completed later than previously planned, the management believes that the company’s adjustments in operation and the positive market demand for collagen could guarantee the revenue and PAT target of this segment. The new project of fish oil for human consumption will also contribute in improving profit margin. However, although the selling price of pangasius has continuously been adjusted downward from the historical peak in 4Q2018 until now, it may decline further to approach the demand-supply equilibrium, per the management. Considering all these factors, we revise up our 1-year target price by 25% for VHC to VND 38,100/share. With an expected cash dividend of VND 1,500/share, the total return is 16%, compared to the closing price as of May 21st, 2020. We recommend to ACCUMULATE this stock.
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