VHC – Earnings review – [BUY] – 1Q25’s NPAT trails our forecasts

In 1Q25, VHC released a revenue of VND2,648bn (-7.3% yoy/ -17.4% qoq), most of VHC’s business segments were stagnant. Notably, pangasius segment slumped to VND1,354bn (-7.5% yoy/ -26.8% qoq) due to muted export to the US and Chinese markets. Gross profit was weaker-than-expected due to higher raw pangasius prices during 4Q24 and 1Q25. At the bottom line, NPAT-MI posted VND193bn (+13.8% yoy/ -54.6% qoq) and it derailed our 1Q25’s forecasts.