FMC – Earnings review – [HOLD] – Led by KAF…
In 4Q24, FMC posted a revenue of VND1,364bn (+8.9% yoy) and a NPAT-MI of VND110bn (+33.7% yoy). This result beat our forecasts due to FMC recorded (1) An exponential growth from Khang An Foods – KAF (a 51%-owned subsidiary of FMC) in both sales and gross margin, (2) Gaining from FX (VND49bn). Regarding to recommendations, we maintain HOLD rating for FMC.
Featured Analysis
Market commentary: Approaching the November peak
VHC – Earnings review – [BUY] – Better-than-expected NPAT in 4Q24
Tet may mask a stronger economic performance
FRT – Brief – [NONRATED] – Slower expansion faster recovery
Derivatives: Awaiting breakout signal
Market commentary: Positive signals
PVS – Brief – [NONRATED] – 4Q24: One-off income boosted earnings
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