External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

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Equity Bottom-Up

<ul><li>Q1 2025 revenue rose 36% YoY to VND 1,990 billion (USD 79 million), driven by a 43% in shrimp consumption to 6,119 tons.</li><li>The growth was driven by the company’s focus on value-added products to the US, where the revenue contribution rose from 22% to 30%.</li><li>NPAT-MI reached VND 29.6 billion (USD 1 million, - 40% YoY) due to selling expenses surging 194% to VND 88 billion (USD 3 million)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q1 2025 revenue rose 36% YoY to VND 1,990 billion (USD 79 million), driven by a 43% in shrimp consumption to 6,119 tons.The growth was driven by the company’s focus on value-added products to the US, where the revenue contribution rose from 22% to 30%.NPAT-MI reached VND 29.6 billion (USD 1 million, - 40% YoY) due to selling expenses surging 194% to VND 88 billion (USD 3 million)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Vietcap

Vietcap

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Thematic (Sector/Industry)

<ul><li>In 9M 2024, Vietnam’s pangasius and shrimp export values rose by 6% YoY and 14% YoY, respectively. </li><li>According to our estimates based on AgroMonitor data, Q3 2024 saw pangasius exports grow by 9% YoY, driven primarily by a robust 14% YoY increase in export volume, partially offset by a 5% YoY decline in average export prices.</li><li>Additionally, shrimp export value surged by 19% YoY, supported by an 18% YoY rise in volume and a slight 1% YoY increase in export prices. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In 9M 2024, Vietnam’s pangasius and shrimp export values rose by 6% YoY and 14% YoY, respectively. According to our estimates based on AgroMonitor data, Q3 2024 saw pangasius exports grow by 9% YoY, driven primarily by a robust 14% YoY increase in export volume, partially offset by a 5% YoY decline in average export prices.Additionally, shrimp export value surged by 19% YoY, supported by an 18% YoY rise in volume and a slight 1% YoY increase in export prices.  Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fishery Sector - Bright Outlook for Fishery Exports in 2025

<ul><li>Shrimp industry has plenty of room for growth over the years ahead.</li><li>FMC has an advantage in deep-processed shrimp products which have large growth potential and high barriers to entry.</li><li>Strong capacity and farming area expansion is expected to result in net profit CAGR growth of 15% in the next five years.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shrimp industry has plenty of room for growth over the years ahead.FMC has an advantage in deep-processed shrimp products which have large growth potential and high barriers to entry.Strong capacity and farming area expansion is expected to result in net profit CAGR growth of 15% in the next five years.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FMC - Scaling up capacity and farming area to drive growth

Vietnam

Sao Ta Foods JSC processes food.  The Company processes and markets fish and shrimp.

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Sao Ta Foods Jsc (FMC VN)

FMC - Hopes of Weathering the Storm

The growth was driven by the company’s focus on value-added products to the US, where the revenue contribution rose from 22% to 30%.

Rong Viet Securities

Fishery Sector - Bright Outlook for Fishery Exports in 2025

Additionally, shrimp export value surged by 19% YoY, supported by an 18% YoY rise in volume and a slight 1% YoY increase in export prices.

Vietcap

FMC - Scaling up capacity and farming area to drive growth

Shrimp industry has plenty of room for growth over the years ahead. FMC has an advantage in deep-processed shrimp products which have large growth...

Rong Viet Securities

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