Analyst Pin-board VHC – 6M2022 revenue grew strongly
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· In 6M 2022, VHC released revenue of VND 7,496 Bn (or USD 325 Mn, +81% YoY), driven by the growth of all products. In which, fillet revenue rose 82% YoY to reach VND 4,955 Bn (or USD 215 Mn) driven by the strong increase of both selling prices and export volume. We expect 2Q 2022 NPAT-MI to reach VND 700 Bn (or USD 30 Mn), up 168% YoY and 28% QoQ. · However, June 2022 revenue showed a negative growth of 30% MoM, mainly driven by a dramatic decline of US export revenue. Therefore, we are concerned that VHC's profit growth in 2H 2022 may decelerate compared to 1H 2022, which is mentioned in the previous report. Hence, there is no change in our previous forecast for 2022 with revenue and NPAT forecast of VND 14,596 Bn (or USD 634 Mn, +61% YoY) and VND 2,159 Bn (or USD 93 Mn, +96% YoY), respectively. · The stock price has hit our target price of VND114,600 in June 2022. Considering that VHC's profit may decelerate in Q3/2022 compared to the previous quarter and 2023 profit may be lower than forecasted, we see the potential to revise the target price down. |
Vinh Hoan Corp. Vinh Hoan Corporation is a Vietnam-based seafood processing company. It manufactures and exports fresh and frozen pangasius fillets, as well as value-added products from pangasius. The Company's products also include other value added seafood products including those from barramundi, shrimps, scallop and others; the by-product from seafood processing such as fish oil, fin nuggets and belly nuggets and other products such as gelatin powder, collagen powder and rice. The Company is also involved in aquaculture activities, the manufacturing and trading of aquaculture feeds, veterinary medicine and fertilizer.
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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