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DBC – Signs of hog price recovery – Update

Company Note 04/06/2018    201

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  • Rising hog prices boosted the gross margin of DBC’s husbandry segment in 1Q18.
  • DBC may benefit from the hog price recovery in Vietnam more than its listed local peers because of the higher contribution of hog-related segments to its net revenue.
  • Possible impact of China’s low hog price environment on Vietnam’s hog market is unclear.
  • 2018F management guidance does not factor in potential profits from its real estate and construction segment.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND22,000

N/A

0.1%

N/A

FOOD & BEVERAGES

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