Vinh Hoan Corporation is the leading pangasius enterprise in Vietnam with an export proportion of more than 15%. Year 2023 is forecasted to be a difficult year for the pangasius industry in general and Vinh Hoan in particular. However, we estimate that the company's pangasius export segment will recover from late Q3/2023 to early Q4/2023 thanks to the improvement on demand from the US market. Based on the FCFF and EV/EBITDA methods, we update the target price of VHC at VND 81,300.
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