· In 5M 2022, Vietnam's shrimp exports reached USD 1.8 Bn, up 38% YoY. However, shrimp exports in May 2022 decreased slightly by 6% MoM due to a shortage of raw materials and cooling-down demand. VASEP forecasts that shrimp exports in 2Q 2022 are likely to slow down QoQ. · FMC's 5M 2022 revenue recorded USD 100 Mn (~ VND 2,300 Bn, +33% YoY). We maintain our forecast for FMC's revenue and NPAT-MI at VND 6,551 Bn (+26% YoY) and VND 360 Bn (+35% YoY), respectively. · FMC's long-term outlook is bolstered by expansion of both farming area and operating capacity. In 2022, two new factories will double capacity and a 40% increase in farming area will come into operation. In the period of 2022 - 2026, we forecast that FMC's revenue and NPAT-MI will achieve a CAGR of 12% and 21%, respectively. Our current target price remains unchanged at VND69,500/share, equivalent to a P/E 2022 of 12.6x with a 2022 EPS of VND5,536. We recommend to ACCUMULATE this stock with an expected return of 19% including 3% cash dividend yield. |
Sao Ta Foods Joint Stock Company is a Vietnam-based company active in the food processing industry. The Company is engaged in the processing, trading and export of seafood products, as well as the management of aquaculture farms to supply its own operations. Apart from processed shrimps and pangasius, it also manufactures other food products from garlic, ginger, fruit, sweet potatoes, lotus roots, lotus seeds, pumpkins, onion and others. It is also involved in the distribution of raw agricultural and aquatic materials, together with the import of machinery and supplies for food processing activities. In addition, the Company is engaged in real estate operations and hotel operations. During the year ended December 31, 2012, 97.68% of its total revenue came from export sales.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
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