Company Insight

Vinh Hoan JSC (HOSE: VHC) is a leading Vietnamese pangasius exporter, accounting for 14% of the country’s total export value. VHC has pioneered a fully integrated value chain with large-scale production and compliance with multiple international standards, securing a leading position in many key markets including the U.S. and EU. In the short term, despite the volatility of US tariffs, we expect VHC’s profitability to continue growing, supported by effective input cost management. In the long term, VHC has significant growth potential due to: (1) Global leadership in pangasius export through a vertically integrated value chain and high self-sufficiency in raw materials; (2) Diversified revenue streams with strong growth prospects; (3) Stable position in the U.S. and EU markets supported by reliable supply and competitive pricing; (4) Effective utilization of free trade agreements (FTAs) and domestic market opportunities. Based on the FCFF and P/E methods with a weight of 50:50, we update VHC’s target price at VND 72,150, representing an expected return of 20.8%.