Viet Dragon Securities - LHG – Signs of Revival

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Viet Dragon Securities

Hung Le

LHG – Signs of Revival

In a marked rebound, the Q4/2024 business results of Long Hau Corporation (HSX: LHG) have shown strong recovery compared to previous quarters and the same period last year. Specifically, revenues in Q4/2023 reached VND 145 billion (USD 6 million, +40YoY). NPAT also surged by 104% YoY to VND 62 billion (USD 3 million). For the full year of 2023, the company’s revenue totaled VND 395 billion (a 37% decrease year-over-year, achieving 43% of the annual plan), with a NPAT of VND 166 billion (an -18% YoY, completing about 131% of the annual target). The EPS for 2023 was VND 3,329.
In the baseline scenario for 2024, LHG’s revenue is estimated to reach VND 600 billion (up 52% YoY; USD 24 million) and a net profit of VND 217 billion (up 30% YoY; USD 9 million), driven by the recovery in sales pace and new lease in the new RBFs expansion. The estimated EPS for 2024 is VND 4,335.
We maintain our target price at VND 50,000 per share. Combined with a cash dividend of VND 1,900 per share over the next 12 months, the total expected return is +72.5% compared to the closing price on January 18, 2024.

18/01/2024 6 EN

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Viet Dragon Securities

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Analysts

Hung Le

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LHG – Signs of Revival

AWAITING THE BREAKOUT

Vietnam chilled-fresh meat market – Significant long-term potential but difficult to realize in

The decline has not come to a halt

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