Viet Dragon Securities - Analyst Pin-board VHC – 2021: Profit recovery may be limited due to pressure in the pangasius segment and the product diversification strategy

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Viet Dragon Securities

Son Tran

Analyst Pin-board VHC – 2021: Profit recovery may be limited due to pressure in the pangasius segment and the product diversification strategy

The US market will lead the pangasius segment's growth in 2021. Volume increase will be the main factor driving sales growth, while pangasius selling prices will only recover slightly. Profit margin will shrink under the pressure of high raw material prices due to the material shortage and rising feed prices. The year 2021 is also a pivotal year for the product diversification strategy with large investments and expenses. We are going to reflect the effects of the new strategy on the stock valuation when detailed information is revealed. At this point in time, our valuation for VHC is around VND 46,200/share. With an expected cash dividend in the next 12 months of VND 1,000/share, the total return will reach 14% based on the closing price on March 23, 2021. We recommend ACCUMULATING VHC.

23/03/2021 7 EN

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Viet Dragon Securities

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Analysts

Son Tran

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Analyst Pin-board VHC – 2021: Profit recovery may be limited due to pressure in the pangasius segment and the product diversification strategy

MOVING FORWARD

CONTINUING THE GAINING STREAK

SCS – Fairly positive results despite revenue and NPAT growth deceleration in Q2-FY25

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