VHC – Signs of a leap from 2021 onwards – Update

• 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.

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