[FMC/BUY/TP: VND 52,500] - Recovery from 2H2024


Update recommendation BUY, target price at VND 52,500

Sao Ta Foods Corporation (HoSE: FMC) is one of the leading shrimp exporters in Vietnam, always maintaining its position in the top 5 largest shrimp exporters in the country. FMC currently owns 30% of raw shrimp and a farming area of 505ha. 2023 was a difficult year for the shrimp industry, however, FMC's business results only decreased by 10% (lower than the industry average of 20%). In 2024, the situation in the first half of the year may still be gloomy because the consumer market is still unstable, however we expect the situation to be better in the second half of the year, helping exports recover. Based on FCFF and PE methods, we update FMC's target price at 52,500 VND, maintaining our BUY recommendation with a return of 17.7%.

FMC-Sao Ta Foods Joint Stock Company
Diem Ngo

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