reports
- Son Tran
Analyst Pin-board FMC – 2022 earnings to continue to see double-digit ...
· In 1H2022, FMC recorded revenue and NPAT-MI of VND 2,744 bn (+29% YoY, USD 119 mn) and VND 155 bn (+47% YoY, USD 6.7 mn), respectively. Shrimp export volume and export prices grew by 13% YoY and 15% YoY, respectively. Gross margin improved by 200 bps to 10.3%. · For FY2022, we forecast FMC’s revenue and NPAT-MI to reach VND 6,105 Bn (or USD 265 Mn, +17% YoY) and VND 340 Bn (or USD 15 Mn, +27% YoY), exceeding 3% and 15% the 2022 revenue and NPAT guidance, respectively. ...
- Son Tran
Analyst Pin-board FMC – 5M2022 business results
· In 5M 2022, Vietnam's shrimp exports reached USD 1.8 Bn, up 38% YoY. However, shrimp exports in May 2022 decreased slightly by 6% MoM due to a shortage of raw materials and cooling-down demand. VASEP forecasts that shrimp exports in 2Q 2022 are likely to slow down QoQ. · FMC's 5M 2022 revenue recorded USD 100 Mn (~ VND 2,300 Bn, +33% YoY). We maintain our forecast for FMC's revenue and NPAT-MI at VND 6,551 Bn (+26% YoY) and VND 360 Bn (+35% YoY), respectively. · ...
- Son Tran
Analyst Pin-board FMC – New factories likely to drive profits stronger...
· We revise our TP by 14% from the latest valuation to VND 69,500, implying an expected return (including cash dividend yield) of 15%. Our increased target price is driven by: (1) a 21% upward revision in 2022F-2026F NPAT-MI as we increase our projected shrimp export volume and gross margin; (2) raising 2022 target PER from 10.5x to 12.0x due to improving long-term NPAT growth outlook and the current growth cycle of the seafood industry. We have an ACCUMULATE rating for this stoc...
- Son Tran
Analyst Pin-board FMC – 2021 preliminary results: Earnings beat the gu...
· We maintain our target price of VND 61,000 and have an ACCUMULATE rating for FMC, implying an expected return of 19% on one-year investment horizon, based on the closing price on Jan 06th 2022. We think FMC will be suitable for investors looking to invest in a seafood company with profits that are less volatile compared to the industry and grow steadily year over year. · FMC announced its preliminary results for FY2021 with export revenue of USD 213 Mn (~VND 4,900 Bn, ...
- Son Tran
Analyst Pin-board FMC – September revenue recovered strongly as expect...
We revise up our target price by 17% from the latest valuation to VND 55,000/share as we expect high shrimp demand and two new factories coming online in FY22 to accelerate NPAT growth of 26%/30% in FY22-FY23. With an expected cash dividend in the next 12 months of VND 2,000/share, the total return will reach 15% based on the closing price of October 14th, 2021. We recommend to ACCUMULATE. FMC’s export revenue rose 21% YoY in September driven by full capacity recovery. However, due to a signi...
Sao Ta Foods Jsc: 1 director
A director at Sao Ta Foods Jsc bought 5,962,660 shares at 0.000VND and the significance rating of the trade was 75/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cl...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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