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 4M/2026, VHC maintained revenue growth of +14% YoY thanks to improvement US orders and selling prices in both pangasius and by-products (fishmeal, fish oil). Entering Q2/2026, despite facing the risk of rise in production costs, we expect VHC to maintain stable profit margins, supported by: (1) Recovery of pangasius demand in the US amidst low inventory levels and continued shortages of natural whitefish (pollen, cod) supply; (2) Expected selling prices to maintain an upward trend as market conditions allow for the transfer of most input cost pressure to output prices. Based on the FCFF and P/E method with a 50:50 weighting, we update our target price for VHC to VND 69,400, corresponding to an upside of 21.5%.