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VHC – Signs of a leap from 2021 onwards – Update

Company Note 16/10/2020    208

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  • The outlook of pangasius market and its related products is trending upward due to increased demand from EU and tighter supply from other whitefish competitors.
  • We expect earnings to record a 40% CAGR in FY20-22F, bolstered by EU-VN FTA which was effective since 01 Aug 2020.
  • Reiterate with ADD rating and a higher TP of VND51,800 as we roll over our valuation to end-FY21F.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND42,600

VND51,800

4.7%

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CONSUMER GOODS

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