Company Insight

Vinh Hoan Corporation is the leading pangasius producer in Vietnam, accounting for over 17% of the country's total pangasius export turnover. In 2024, net revenue reached VND 12,535 bn (+24.9% YoY), PAT reached VND 1,311 billion (+34.6% YoY). Profit increased sharply thanks to the increase in output and selling prices of pangasius products. The explosive profit in Q4 2024 brought positive signals for VHC's business results in 2025. We expect VHC's business results to remain positive in 2025 as farming and transportation costs are expected to decrease, and Chinese tilapia, directly competitive products to pangasius, may be subject to higher tariffs when exported to the US. Based on the FCFF and P/E methods, with a weight of 50:50, the target price for VHC is VND 81,700.