Analyst Pin-board VHC – August fillet exports remained high YoY despite a slight decrease MoM
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· In 8M 2022, VHC released revenue of VND 9,963 Bn (or USD 424 Mn, +75% YoY), driven by the growth of all products. Results beat our expectations due to the sooner recovery of the US market, leading us to revise up our FY22 projections. In FY2022, we forecast revenue and NPAT to be VND 14,265 Bn (or USD 607 Mn, +58% YoY) and VND 2,353 Bn (or USD 100 Mn, +113% YoY), respectively. · In 3Q2022, we forecast VHC’s revenue and NPAT to reach VND 3,570 Bn (or USD 152 Mn, +60% YoY and -16% QoQ) and VND 553 Bn (or USD 24 Mn, +117% YoY and -29% QoQ), respectively. We maintain the view that VHC’s NPAT was likely to peak in 2Q2022, resulting from the comedown of the US market’s revenue in 2H2022 compared to 1H2022. · We revise up our target price by 6.8% to VND 97,200/share as we increase our FY2022 EPS projection by 7.7%, justified by the gradual demand recovery of the US market. Our TP puts FY2022 P/E at 7.7x with the corresponding EPS of 12,574 VND, equivalent to the five-year average P/E. We recommend to ACCUMULATE this stock with an expected return of 10%. |
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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