Analyst Pin-board VHC – High fillet ASP boosted revenue to grow 19% YoY in August
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· We revise up our TP to VND 60,000/share, driven by increasing fillet ASP to fully offset surging SG&A costs and high fillet demand to maintain its business growth in FY22, leading to a strong YoY NPAT-MI growth of 24%/32% in the FY21-FY22 period. With an expected return of 27% including a 2% cash dividend yield for a one-year horizon, we recommend to BUY · August revenue grew 19% YoY mainly driven by increasing fillet ASP (+25% YoY). We expect that VHC could recover its normal processing capacity in mid-Oct. In 3Q-FY21, we project revenue and NPAT to be VND 2,249 Bn (or USD 98 Mn, +25% YoY) and VND 233 Bn (or USD 10 Mn, +33% YoY), respectively. · For FY21, we project revenue and NPAT to reach VND 8,771 Bn (or USD 381 Mn, +25% YoY) and VND 872 Bn (or USD 38 Mn, +24% YoY), respectively. Correspondent 2021 EPS will be VND 4,717 and 2021 forward PER will be 12.7x. · Preliminary POR17 anti-dumping duty results determined VHC to continue enjoying 0.00 USD/kg. NTSF will be granted a 0.00 USD/kg duty but we find that little effect on VHC because of already low tax of 0.15 USD/kg and insignificant market share in the US. ANV currently keeps the zero tax but it may be changed in the final POR17 results due to being subject to continued review. |
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.
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