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.