ANV – Earnings review – [HOLD] – 1Q25: Earnings beat our forecasts

In 1Q25, ANV released revenue of VND1,106bn (+8.9% yoy/ -18.7% qoq). Pangasius segment (ANV’s core business) contributed VND1,071bn (+8.8% yoy/ -19.4% qoq). Gross margin strongly rebounded to 20.2% (+10.3%p yoy/ +10.1%p qoq). At the bottom line, NPAT steeply surged to VND132bn (+6.8x yoy and +21.3x qoq) and beating our 1Q25 and 2025F’s forecasts.