ANV
07
July
Seafood – In-depth – [NEUTRAL] – 2H25 Outlook: Turning cautious amid reciprocal tariffs
Pangasius export - 2H25F outlook: In the US market, the demand for pangasius could be dampened by (1) More competitive environment, (2) Potential facing to weaker consumption as macroeconomic headwinds....
28
April
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/...
09
April
Seafood sector – Preview – [Neutral] – 1Q25F Preview: “Wait & See”
We expect that the 1Q25F’s earnings for most enterprises could see a modest yoy growth, driven by gross margin expansion thanks to lower aquafeed costs and well controlled costs of...
04
February
ANV – Earnings Review – [HOLD] – 4Q24: The hardship dragged on
In 4Q24, ANV released revenue of VND1,361bn (+22.5% yoy). Gross margin was at 10.2% (staying flat yoy but inching down by 2.7%p qoq) due to ANV recorded an allowance for...
14
December
Seafood – In-depth – [NEUTRAL] – 2025 Outlook: Against All Odds
In 2025F, as consumer demand continues to revive in key export markets, we project the seafood industry to follow a recovery trend comparable to 2024. However, this may face short-term...
28
October
ANV – Earnings Review – [BUY] – NPAT has gradually improved qoq
In 3Q24, ANV released revenue of VND1,341bn (+22% yoy/ +12.4% qoq). Pangasius segment (ANV’s core business) contributed VND1,310bn (+22.1% yoy/ +14.5% qoq). Gross margin was at 12.9% (+5.2%p yoy/ +0.05%p...
02
October
Seafood sector – Preview – [Overweight] – 3Q24F Preview: A robust growth trajectory
We believe that the 3Q24F’s earnings for most enterprises in the sector could experience high growth due to the low base effect in 3Q23. Regarding the pangasius industry, VHC could...
04
September
Seafood: Pangasius market – In-depth – [OVERWEIGHT] – The tide is turning
We believe that the presence of large enterprises will strengthen the industry's value chain, minimizing risks in the nurturing process. Additionally, the rise in global demand for seafood, along with...
24
July
ANV – Brief – [NONRATED] – Earnings appear to be rebounding
In 2Q24, as our observation, NPAT-MI could show signs of bottoming out, but there has not been a significant improvement due to the glimmer selling prices.
Featured Analysis
Derivatives: Uptrend confirmed
Market commentary: Maintaining the uptrend
Jun 2025: New issuance hit a record high in June
USDVND rebounds as reciprocal tariffs unveiled
Covered warrant: Liquidity continues to improve
Market commentary: Liquidity increases
Derivatives: Breakout session
