Analyst Pin-board ANV – Turnaround in 2022
Pangasius industry is entering a new growth cycle. Per VASEP, Vietnam’s pangasius export value soared 88% YoY to reach USD 645 Mn in 1Q2022 due to the recovery of global whitefish demand. While the US market accelerated pangasius imports in the context of high inflation to gear consumer’s demand toward seafood products, the EU and China markets have recovered due to low inventory after a year of reducing pangasius imports. VASEP forecasts Vietnam’s pangasius export value will grow 22% YoY in 2022. |
Compared to the 2018 growth period supported by a decrease in raw fish supply, we believe that the 2022 growth cycle will be more sustainable and prolonged, buoyed by both reduced raw fish supply and increased consumption demand. In addition, the shortage of Russia’s whitefish will continue to boost the demand for pangasius. Therefore, we expect Vietnam’s pangasius exports to maintain high until at least end-2022. We realize that ANV’s business results have been in line with Vietnam’s pangasius export value due to the diversified export markets. Hence, we view that ANV’s earnings will rebound strongly in 2022 – 2023 (Figure 1)…
Nam Viet Corporation (Navico) is a Vietnam-based company engaged in seafood processing. It is also involved in aquaculture activities, as well as the processing and export of fresh and value-added pangasius products. The Company also manufactures fish oil, fish powder, biodiesel and other derived products, such as adhesives. It is involved in chromium ore mining and the manufacturing of ferrochrome for steel production activities. In addition, it is engaged in paper packaging manufacture and packaging printing. Other activities include civil and industrial construction as well as fertilizer production.
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