FMC – Earnings review – [HOLD] – Absence of short-term growth impetus

In 3Q24, FMC released a revenue of VND2,845bn (+58.6% yoy) of which shrimp products revenue: +60.1% yoy (VND2,801bn). Particularly, the shrimp volumes reached at 8,919 tones (+32.3% yoy) and selling prices sat at USD11.25/kg thanks to demand revival in key markets. However, the higher shipping costs and countervailing duties, which eroded FMC’s earnings. As such, NPAT-MI only posted to VND79.6bn (-2.4% yoy).