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VHC – Covid-19 weighing on 2020 outlook – Update

Company Note 25/02/2020    143

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  • Weak 4Q19 results on pangasius fillet export price tumble.
  • COVID-19 weighs on pangasius exports to China.
  • U.S. demand for pangasius products could recover in 2020F amid supply shortage of China’s white-fish products.
  • EVFTA in force to allow Vietnam’s pangasius to gain more EU market share.
  • Reiterate Add, with lower TP of VND39,700.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND32,750

VND39,700

3.1%

ADD

CONSUMER GOODS

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