Company Insight

Nam Viet Joint Stock Company (Hose: ANV) is a leading seafood export company in Vietnam, with its main products being pangasius and tilapia. ANV possesses a closed-loop value chain that allows for comprehensive control over quality, costs, and compliance with international standards. In 1H2026, despite strong earnings growth in Q1, profitability in Q2 was adversely affected by elevated fishmeal prices and higher logistics costs, leading to a year-on-year decline in 1H2026 NPAT-MI. Looking ahead to 2H2026, we expect ANV's revenue to maintain stable growth, supported by robust export demand from the U.S. and Brazil. However, earnings are likely to remain under pressure due to rising input costs. Using a 50/50 weighting of the FCFF and P/E valuation methods, we initiate a HOLD recommendation on ANV with a target price of VND 18,600, implying an upside of 10.2%.