Analyst Pin-board CMX – Improving long-term prospects
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· In 2019 – 2021 period, CMX's revenue increased sharply driven by the high demand for processed shrimp during the social distancing period, developing the domestic market and taking advantage of EVFTA to increase exports to the EU market. However, gross margin decreased during this period due to (1) the impact of the COVID-19 epidemic causing raw material prices to increase while selling prices remained low; (2) domestic GPM is lower than export GPM. · Regarding the long-term outlook, we expect the company can continue to benefit from the EVFTA to increase orders from existing customers in the EU. The company also expanded the scale of farming and processing capacity to meet the increased demand. In 2022, the company sets a revenue and NPAT guidance of VND 3,900 Bn (+86% YoY) and VND 300 Bn (+259% YoY) respectively, driven mainly by the export segment with export value expected to reach USD 160 Mn (~ VND 3,700 Bn, +157% YoY). · In general, the company's long-term outlook is gradually improving thanks to both industry tailwinds and improving profit growth prospects. CMX is currently trading at a P/E of 14x, versus our selected peer group average of 17.3x. |
Camimex Group Joint Stock Company, formerly Ca Mau Frozen Seafood Processing Import Export Corporation, is a Vietnam-based company active in the seafood processing industry. It is involved in the manufacture and export of fresh, frozen, processed, steamed, fried and other value-added products from various types of shrimps. Its products are sold domestically, as well as exported to the United States, Japan, European markets and others. In addition, it is engaged in the import and wholesale of materials and equipment for the seafood processing industry.
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