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). Notably, the faster-than-anticipated recovery in pangasius ASPs to US (USD3.2/kg, +2% yoy/+4% mom), along with stable input costs (feeds & raw pangasius prices), could mark the beginning of VHC’s gross margin (GM) expansion from core business in 3Q24F, per our estimate.