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 9 months of 2025 (9M/2025), revenue reached VND 6,856 bn (+23% YoY), and PBT reached VND 251 bn (+6.8% YoY), achieving only 58% of the annual plan. The lower profit growth compared to the revenue increase was due to the cost of setting aside risk provisions for anti-dumping duties (AD), countervailing duties (CVD), and reciprocal tax for the US market. In the fourth quarter, we assess that business performance may slow down after October 15th, as the US Department of Commerce's final decision on anti-dumping duties will be announced on December 9th. Based on FCFF and PE methods, with a weight of 50:50, we update FMC's target price at 40,100 VND.