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DBC – Decent 2020F outlook – Update

Company Note 11/02/2020    283

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  • Farm and food business accelerated in 4Q19 to make up for the weakness of animal feed.
  • Gross profit margin improved in 4Q19.
  • Robust earnings growth in FY20, on the back of high pork price.
  • Reiterate ADD with TP of VND30,700.
  • Re-rating catalysts include higher-than-expected rises in pork prices and faster-than-projected fall in prices of input material for animal feed.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND19,950

VND30,700

2.05%

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CONSUMER GOODS

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