Company Insight

Vinh Hoan JSC (VHC) is Vietnam’s leading pangasius exporter, accounting for approximately 14% of the country’s total pangasius export value. In 9M2025, VHC’s revenue remained stable while net profit surged 39% YoY; core operating profit grew 22% YoY, supported by lower input costs. We expect Q4/2025 earnings to continue rising, driven by festive season demand and higher export fish prices amid tight supply of fingerlings and raw fish due to weather impacts. Looking into 2026, VHC’s earnings growth is expected to remain solid, underpinned by both its pangasius and by-product segments. The pangasius segment will benefit from (1) stable demand from the U.S. market supported by cost advantages and secured supply, and (2) robust growth in the EU and CPTPP markets leveraging FTA benefits and rising demand for affordable whitefish. Meanwhile, the by-product and Sa Giang segments are expected to post sustainable growth, diversifying revenue streams and mitigating reliance on pangasius fillet exports. Based on the FCFF and P/E methods (50:50 weighting), we update our target price for VHC at VND 67,400.