Report

Analyst Pin-board VHC – Better-than-expected 4Q-FY21 NPAT outlook

  • We revise up our target price by 17% to VND70,000/share as we raise our 2021 and 2022 NPAT forecasts to VND 957 Bn (or USD 42 Mn, +36% YoY) and VND 1,198 Bn (USD 52 Mn, +25% YoY), respectively, after 3Q-FY21 NPAT beat our expectations, showing signs of maintaining high fillet export volume and solidly selling price increase. With an expected return of 12% including a 2% cash dividend yield for a one-year horizon, we recommend to ACCUMULATE.
  • VHC released positive 3Q-FY21 results with revenue of VND 2,231 Bn (or USD 97 Mn, +24% YoY) and NPAT-MI of VND 255 Bn (or USD 11 Mn, +46% YoY), mainly driven by high fillet selling prices and cooling-down logistics costs.
  • In 4Q-FY21, we project revenue and NPAT to be VND 2,433 Bn (or USD 106 Mn, +25% YoY and +9% QoQ) and VND 308 Bn (or USD 13 Mn, +101% YoY and 20% QoQ), respectively.
  • For FY21, we project revenue and NPAT to reach VND 8,795 Bn (or USD 382 Mn, +25% YoY) and VND 957 Bn (or USD 42 Mn, +36% YoY), respectively. The 2021 EPS will be VND 5,176 and 2021 forward PER 13.5x.

 

Underlying
Vinh Hoan

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.

Provider
Viet Dragon Securities
Viet Dragon Securities

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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Analysts
Son Tran

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