VHC
14
December
Seafood sector – 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...
01
November
VHC – Earnings Review – [BUY] – Industry-leading recovery performance
In 3Q24, VHC released a revenue of VND3,278bn (+21.5% yoy/ +2.6% qoq). Specifically, pangasius segment posted to VND1,912bn (+32.6% yoy/ +10.9% qoq). 3Q24 gross margin strongly sat at 17.6% (+7.1%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...
14
August
VHC – Brief – [BUY] – Jul-24 Business results: A rosy growth of pangasius fillet exports
In Jul-24, VHC released monthly revenue which sat at VND1,120bn (+29% yoy and +9% mom). The impressive growth was mainly driven by pangasius products (VND608bn, +54% yoy and +24% mom)....
07
August
VHC – Earnings review – [BUY] – 2Q24 Earnings surpassing expectations
In 2Q24, VHC released a VND3,196bn revenue (+17.3% yoy/ +11.9% qoq), thanks to the resumption of all business segments. Notably, pangasius fillets revenue posted to VND1,724bn (+8.7% yoy/ +17.8% qoq)....
10
April
Seafood sector – Preview – [NEUTRAL] – 1Q24F Preview: First stages of restoration
In 2M24, the total export turnover of pangasius fish increased slightly by 7.8% yoy, with the U.S market being the standout. Meanwhile, shrimp export turnover recorded a growth of +22.6%...
Featured Analysis
Market commentary: Waiting for confirmation from liquidity
SBV strengthens liquidity withdrawal amid amplified USDVND pressure
Covered warrant: Cautious market
Market Trader: Foreign investors sold heavily
Derivative: Waiting for a breakout signal
Market commentary: Demand returns
Chart of the day: Continuing Caution
