Strong 1Q26 profit on improved margins VHC delivered strong 1Q26 results, with revenue up 11.6% YoY and NPATMI surging 37.8% YoY, driven by robust pangasius sales, margin expansion, and lower financial expenses amid favorable U.S. trade policy. However, margin pressures are likely to emerge in 2Q26 as rising raw fish prices outpace selling prices, potentially weighing on profitability despite improved cost control. We maintain our BUY rating with a 12-month target price of VND 97,300, implying 56.9% upside.
