VHC – Net profit Q4-2023 in bottom and expect to growth from US market
- Net revenue in Q4-2023 reached VND 2,396 bn (or USD 104 mn) (-4% YoY; -11% QoQ) as the increase of export volume cannot offset the decrease in selling prices. The main reason for the decrease in net profit after tax of the parent company (NPAT-MI) by 75% YoY to VND 48 bn (or USD 2 mn) was the decrease in selling prices.
- In 2023, net revenue reached VND 10,039 bn (or USD 436 mn) (-24% YoY), and NPAT-MI reached VND 897 bn (USD 39 mn) (-55% YoY). EPS 2023 was 4,880 VND (-55% YoY).
- In 2024, we expect revenue to reach VND 11,487 bn (+14% YoY), mainly due to increased production as (1) the supply is reduced by the US ban on Russian-origin fish and the EU's 13.7% tax on Russian fish products, and expandation of C&G. Gross profit margin increase from 14.4% in 2023 to 18.9% which help NPAT-MI in 2024 is expected to reach VND 1,414 bn (or USD 61,4 mn) (+58% YoY). EPS 2024 is estimated at 6,301 VND (after stock dividend of 20% in Jan 4th,2024).
- We have raised the target price to VND 71,500 per share, a 13% increase from the previous target price (62,800 VND - adjusted price after the 2023 dividend). The current target price is now 4% lower than the closing price on March 12, 2024. We recommend NEUTRAL this stock.
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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