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 yoy/ +3%p qoq). We think the recovery of GM was attributed to higher pangasius ASPs along with lower input costs. At the bottom line, NPAT-MI posted VND321bn (+68% yoy) and stayed flat vs. 2Q24.