FMC – Earnings review – [HOLD] – Solid foundations overcome challenges

In 2Q24, FMC released a VND1,243bn revenue (+20.7% yoy), including revenue’s shrimp products soared by 21.1% yoy thanks to the strong resurgence of export volume, whilst shrimp’s ASPs still faced to some challenges. Notably, gross margin expanded thanks to lower shrimp raw costs harvesting from self-sufficiency farming areas. However, FMC did not record the anti-dumping tax refund item this quarter, thereby NPAT-MI recorded to VND66.3bn (-3.1% yoy).