VHC – Earnings review – [BUY] – Better-than-expected NPAT in 4Q24
In 4Q24, VHC released a revenue of VND3,206bn (+33.8% yoy/ -2.2% qoq). Notably, Pangasius segment skyrocketed to VND1,850bn (+53% yoy/ -3.2% qoq) thanks to a rally in export volume. 4Q24 gross margin (GM) solidly came in 18% (+9.9%p yoy/ +0.3%p qoq) due to a reversal of inventory provisions in 4Q24 (VND94bn). At the bottom line, NPAT-MI posted VND425bn (+7.9x% yoy/ +32.7% qoq). For FY2024 revenue and NPAT-MI reported to VND12,535bn (+25% yoy) and VND1,235bn (+34% yoy), respectively.
Featured Analysis
Oil & Gas – In-depth – [NEUTRAL] – 2H25 Outlook: Tailwinds at home, headwinds abroad
Aviation – In-depth – [NONRATED] – 2H25 Outlook: Hold Altitude
Derivatives: Rising liquidity
Market commentary: Market divergence
Derivatives: A breakout session?
Market commentary: Strong foreign inflows
Fund flow: Strong capital outflows in Thailand

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