Company Insight

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 540ha. In the first half of 2025, revenue reached VND 3,870 bn (+43% YoY), while PBT was VND 133 bn (-10% YoY), fulfilling only 33% of the annual plan. Strong growth in revenue was driven by a sharp increase in shrimp import demand ahead of new tariff. However, this was offset by high input costs and provisions for risks related to anti-dumping (AD), countervailing (CVD), and reciprocal tax for the US market. In the second half of 2025, we note that business performance will continue to face pressure. We believe market diversification and good cost control will be key for FMC to achieve its annual targets. Based on FCFF and PE methods, with a weight of 50:50, we update FMC's target price at 43,300 VND.