Two Directors at Vinh Hoan Corp bought/maiden bought 212,700 shares at 0.000VND. The significance rating of the trade was 100/100. 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 t...
In H1 2023, VHC earned VND 4,970 Bn revenue (USD 211 Mn) and VND 631 Bn NPAT-MI (USD 27 Mn), down 35% and 53% YoY. Q2 2023 had better results: revenue at VND 2,723 Bn (USD 116 Mn), down 35% YoY but up 23% QoQ, and NPAT-MI of VND 412 Bn (USD 17 Mn), down 48% YoY but up 88% QoQ. July sales showed a slight improvement from the previous month. We anticipate a stronger recovery in the coming months as importing countries enter their festive seasons. We forecast net revenue and NPAT to re...
VHC reported weak Q1 2023 results, with revenues of VND2.2tn (USD94mn), a YoY decrease of 32%. Consequently, NPAT-MI plunged 60% YoY in Q1 2023 to VND219bn (USD9mn). We anticipate that VHC's profit growth recovery will materialize in the latter half of 2023: two factors: (1) the US market to recover; (2) orders to recover from the Chinese market after the re-opening. Overall, in FY2023, we forecast net revenue and NPAT to reach VND10.6Tn (or USD452Mn, -20% YoY) and VND1.3Tn (or USD56...
In 11M-2022, VHC recorded an accumulated revenue of VND 13 Tn (or USD 541 Mn, +57% YoY), resulted mainly from exporting to the US market. However, the stellar growth is mostly contributed by 1H-2022 results while 2H-2022 performance is showing a downswing Weak demand on frozen fillet products can remain until at least 1H-2022, especially in the US market. Moreover, the reopening of China also provides little ability to pivot the 2023 profit slump, because of the Chinese market’s small contrib...
In Q3-FY22, VHC delivered net revenue of VND 3,261 Bn (or USD 133 Mn, +46% YoY and -23% QoQ) and NPAT-MI of VND 450 Bn (or USD 18 Mn, + 76% YoY, -43% QoQ). While Q3 net revenue was in line with our forecast, NPAT-MI fell behind our expectations mainly because the company booked an inventory provision of VND 240 Bn (or USD 10 Mn). Accumulated 9M-FY22, revenue and NPAT were VND 10,755 Bn (or USD 439 Mn, +69% YoY) and VND 1,787 Bn (or USD 73 Mn, +176% YoY), fulfilling 83% and 111% of VH...
· 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% Yo...
· In 6M 2022, VHC released revenue of VND 7,496 Bn (or USD 325 Mn, +81% YoY), driven by the growth of all products. In which, fillet revenue rose 82% YoY to reach VND 4,955 Bn (or USD 215 Mn) driven by the strong increase of both selling prices and export volume. We expect 2Q 2022 NPAT-MI to reach VND 700 Bn (or USD 30 Mn), up 168% YoY and 28% QoQ. · However, June 2022 revenue showed a negative growth of 30% MoM, mainly driven by a dramatic decline of US export revenue. ...
Industries (and their sub-sectors) with good Q2 2022 profit growth prospects such as Consumer Goods (Fishery, F&B), Consumer Services (Retail), IT, Utilities (Electricity, Water), Materials (Chemical), Industry (Logistics) continued to witness improved liquidity and were relatively safe havens in June. This reaffirms our expectation of a deep divergence of money flow in the market. Although the positive price trend of stocks in the above-mentioned sectors may continue until Q2 earnings are re...
“We are optimistic that VHC's 2022 profit will grow much stronger than the 2018 peak, driven by both high demand and tight supply. Moreover, the shortage of white fish in the U.S. market will also strengthen VHC's profit growth prospects. Using a 50:50 valuation mix of FCFF and SoTP methods, we arrive at the fair value of VND 114,600, equivalent to an expected return of 6% including a cash dividend yield of 2%. We have an ACCUMULATE recommendation for this stock. Based on the target price, 2022 ...
The Russia-Ukraine war and US and European sanctions on Russia have raised concerns about the risk of a global supply chain disruption, especially since Russia and Ukraine are two major exporting countries in terms of metal products, fertilisers, agricultural products and oil and gas. This has pushed prices of commodities, which have been on a significant rally during the two years of the pandemic, once again back to its peak. Speculation on commodity prices has led to a rapid and strong incr...
· 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 revi...
· We maintain our target price of VND 75,000/share, implying an expected return of 25% including a 3% cash dividend yield for a one-year horizon. We recommend BUYING this stock. · VHC released 2021 consolidated revenue of VND 9,067 Bn (or USD 394 Mn, +29% YoY), in line with our forecast. We are optimistic that 4Q 2021 NPAT will see a strong increase due to high fillet selling prices on the back of a low 4Q 2020 base. · For FY22, we project revenue and NPAT t...
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 r...
Despite soaring SG&A costs, the strong pangasius fillet demand and ASP recovery will help VHC’s NPAT record a double-digit growth in FY21. Beyond FY21, we believe VHC’s earnings will accelerate due to fillet ASP improvement, cooling-down costs after COVID-19 under control and brighter long-term perspective of collagen & gelatin segment. Using the 50:50 valuation mix of FCFF and SoTP methods, we arrive at the fair value of VHC share at VND 60,000, equivalent to an expected return of 22% with a ...
· 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 it...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
The US market will lead the pangasius segment growth in 2021. Volume increase will be the main factor driving sales growth, while pangasius selling prices will only recover slightly. Profit margin will shrink under the pressure of high raw material prices due to shortages and rising feed prices. This year is an important one for the company's product diversification strategy with large investments and expenses. We will include the effects of the new strategy on the stock valuation when detail...
Pangasius exports to the US, the company’s largest market, has shown good signs of recovery in both ASP and volume, better than other major markets. We expect the US to be the major growth driver of the pangasius segment for the rest of 2020 and 2021. The "new normal" via lockdowns and public concerns on the uncertainty of the pandemic continue to boost the growth of value-added pangasius as well as collagen. We are more optimistic about the company's ability to stabilise pangasius ASP in 20...
Pangasius exports to the US, the company’s largest market, has showed good signs of recovery in both ASP and volume, better than other major markets. We expect the US to be the major growth driver of the pangasius segment for the rest of 2020 and 2021. The “new normal state” and the public concerns on unpredicted health problems continue to boost growth of value-added pangasius as well as collagen. We are more optimistic about the company's ability to stabilize pangasius ASP in 2021 in the face...
1Q2020: REDUCED PANGASIUS SELLING PRICE STIMULATES DEMAND. EXPORTS TO CHINA PLUMMETED WHILE SURGING TO THE US AND THE EU. Total sales dropped 8.6% YoY to VND 1,636 bn. Sales of pangasius, fish oil, fishmeal and other products decreased while sales of collagen-gelatin (C-G) grew strongly. Pangasius export volume to China fell sharply in February and March but surged to the US and EU as people rushed to stock food before the quarantine. The gross profit margin declined to 13% (1Q2019: 23.5%) be...
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