Analyst Pin-board VHC – Pangasius selling prices hit new high
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· VHC released Jan 2022 revenue of VND 826 Bn (or USD 36 Mn, +31% YoY), buoyed by the strong increase of all segments. Notably, VHC’s pangasius selling price recorded a new high in Jan 2022. · In 2022, we forecast revenue and NPAT to reach VND 10,937 (or USD 476 Mn, +21% YoY) and VND 1,406 Bn (or USD 61 Mn, +26% YoY), respectively, mainly due to the expansion of ASP and cooling-down logistics costs. · We raise our target price by 10% to VND83,000 driven by revising up 2022 NPAT by 17%, implying an expected return of 12%. Our revised target price puts VHC’s 2022F P/E at 10.8x with an EPS of VND7,666. However, we downgrade our recommendation from BUY to ACCUMULATE, following the strong share price performance. |
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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