Analyst Pin-board: VHC – Pangasius export to the US is recovering quickly
Pangaisus export to the US, the company’s largest market, has recovered in both ASP and volume in July. We expect the US to be the major growth driver for VHC for the rest of 2020 and 2021. The “new normal state” and the public concerns on unpredicted health problems such as COVID-19 continue to boost growth of value-added pangasius as well as collagen. We are also more optimistic about the company's ability to stabilize pangasius ASP in 2021 in the face of global economic difficulties. Considering all these factors, we revise up the target price for VHC by 26% from VND 39,700/share to VND 50,000/share. Together with a cash dividend in the next 12 months of VND 1,500/share, the total return is 24%, based on the closing price VND 41,450/share as of Sep 16, 2020. Thus, we have a BUY for this stock.
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