External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>We used the discounted free cash flow to the firm (FCFF) method to determine the fair value of Vinh Hoan Corporation (VHC) stock, with a required rate of return of 13% and assuming 1% long-term growth after 2036.</li><li>Thus, we maintain our target price at VND69,900 for VHC and upgrade our rating to Buy (from Trading Buy), as the stock price has decreased 15.0% since our last report (VN-Index: -6.5%).</li><li>In June and 1H26, pangasius exports reached US$209mn (+5% YoY) and US$1.1bn (+12% YoY), respectively.</li></ul><div class="content-highlight"><em>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.</em></div>

We used the discounted free cash flow to the firm (FCFF) method to determine the fair value of Vinh Hoan Corporation (VHC) stock, with a required rate of return of 13% and assuming 1% long-term growth after 2036.Thus, we maintain our target price at VND69,900 for VHC and upgrade our rating to Buy (from Trading Buy), as the stock price has decreased 15.0% since our last report (VN-Index: -6.5%).In June and 1H26, pangasius exports reached US$209mn (+5% YoY) and US$1.1bn (+12% YoY), respectively.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.

Vinh Hoan Corporation (VHC VN) - Business Remained Strong in 2Q26

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

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Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/vinh-hoan-corp">Vinh Hoan</a> is the largest pangasius exporter in Vietnam, benefiting from a fully integrated value chain that provides significant cost control and traceability advantages.</li>
  <li>The company is experiencing a strong recovery in its primary export market, the United States, driven by increased demand and favorable pricing, which is boosting revenue and profit margins.</li>
  <li>Strategic focus is shifting towards margin optimization through an enhanced product mix, including higher-value processed items and the expansion of its high-margin collagen and gelatin segment.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Vinh Hoan is the largest pangasius exporter in Vietnam, benefiting from a fully integrated value chain that provides significant cost control and traceability advantages.
  The company is experiencing a strong recovery in its primary export market, the United States, driven by increased demand and favorable pricing, which is boosting revenue and profit margins.
  Strategic focus is shifting towards margin optimization through an enhanced product mix, including higher-value processed items and the expansion of its high-margin collagen and gelatin segment.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Ecuador's crisis, driven by violence and narco-gang threats, impacts the global seafood supply chain, especially the lucrative shrimp exports sector.</li>
<li>Resilient amid challenges, India holds its position as the second-largest global shrimp producer, balancing opportunities and persistent challenges in logistics and competition.</li>
<li>Investors urged caution in the Indian seafood boom, yet potential opportunities arise from Ecuador's supply disruptions, with reduced import duty enhancing India's competitiveness.</li>
</ul>


Ecuador's crisis, driven by violence and narco-gang threats, impacts the global seafood supply chain, especially the lucrative shrimp exports sector.
Resilient amid challenges, India holds its position as the second-largest global shrimp producer, balancing opportunities and persistent challenges in logistics and competition.
Investors urged caution in the Indian seafood boom, yet potential opportunities arise from Ecuador's supply disruptions, with reduced import duty enhancing India's competitiveness.


Shrimp Industry Shakeup: Ecuador Crisis Sparks Opportunities for Indian Seafood Companies

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

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<ul><li>In Q1/2026, net revenue rose by 12% YoY, while NPAT-MI increased by 37.8% YoY, mainly due to a 63% growth in value-added products.</li><li>Specifically, revenue from frozen fillets increased by 14% YoY, by-products by 17%, C&amp;G by 21%, and Sa Giang by 16% YoY.</li><li>Regarding consumption markets, the US remained the main driver, with revenue increasing by 40% YoY, while the EU increased by 6% YoY and China decreased slightly by 3% YoY. </li></ul><p><em>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.</em></p>

In Q1/2026, net revenue rose by 12% YoY, while NPAT-MI increased by 37.8% YoY, mainly due to a 63% growth in value-added products.Specifically, revenue from frozen fillets increased by 14% YoY, by-products by 17%, C&amp;G by 21%, and Sa Giang by 16% YoY.Regarding consumption markets, the US remained the main driver, with revenue increasing by 40% YoY, while the EU increased by 6% YoY and China decreased slightly by 3% YoY. 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.

VHC - 2026-2027 Outlook: Focus on Profit Margin Optimization

<ul><li>Vietnam pangasius exports continued growing in 1Q26, with an export value at US$513mn (+1% YoY).</li><li>China and Hong Kong (around 28% of total exports) were the leading pangasius market.</li><li>Demand in key whitefish markets like China and the US remained high, which drove up prices. </li></ul><div class="content-highlight"><em>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.</em></div>

Vietnam pangasius exports continued growing in 1Q26, with an export value at US$513mn (+1% YoY).China and Hong Kong (around 28% of total exports) were the leading pangasius market.Demand in key whitefish markets like China and the US remained high, which drove up 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.

Vinh Hoan Corporation (VHC VN) - US Market a Bright Spot

Vietnam

Vinh Hoan is a leading Vietnamese aquaculture company specializing in the farming, processing, and export of pangasius (basa) fish and other seafood products. The company operates an integrated model covering hatchery, farming, and processing, and also produces value-added products like frozen fillets, breaded fish, and collagen. Headquartered in Cao Lanh, Dong Thap Province, Vietnam, the company was founded in 1997.

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Vinh Hoan (VHC VN)

Vinh Hoan Corporation (VHC VN) - Business Remained Strong in 2Q26

Thus, we maintain our target price at VND69,900 for VHC and upgrade our rating to Buy (from Trading Buy), as the stock price has decreased 15.0%...

Mirae Asset Securities

Primer: Vinh Hoan (VHC VN) - Aug 2026

Vinh Hoan is the largest pangasius exporter in Vietnam, benefiting from a fully integrated value chain that provides significant cost control...

αSK Primers

Shrimp Industry Shakeup: Ecuador Crisis Sparks Opportunities for Indian Seafood Companies

Ecuador's crisis affects global seafood supply, boosting India's shrimp industry amid challenges and caution from investors.

Nimish Maheshwari

VHC - 2026-2027 Outlook: Focus on Profit Margin Optimization

In Q1/2026, net revenue rose by 12% YoY, while NPAT-MI increased by 37.8% YoY, mainly due to a 63% growth in value-added products.

Rong Viet Securities

Vinh Hoan Corporation (VHC VN) - US Market a Bright Spot

Vietnam pangasius exports continued growing in 1Q26, with an export value at US$513mn (+1% YoY). China and Hong Kong (around 28% of total exports)...

Mirae Asset Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Vinh Hoan Corporation (VHC VN) - Business Remained Strong in 2Q26

Thus, we maintain our target price at VND69,900 for VHC and upgrade our rating to Buy (from Trading Buy), as the stock price has decreased 15.0%...

Mirae Asset Securities

Primer: Vinh Hoan (VHC VN) - Aug 2026

Vinh Hoan is the largest pangasius exporter in Vietnam, benefiting from a fully integrated value chain that provides significant cost control...

αSK Primers

Shrimp Industry Shakeup: Ecuador Crisis Sparks Opportunities for Indian Seafood Companies

​Ecuador's crisis affects global seafood supply, boosting India's shrimp industry amid challenges and caution from investors.

Nimish Maheshwari

VHC - 2026-2027 Outlook: Focus on Profit Margin Optimization

In Q1/2026, net revenue rose by 12% YoY, while NPAT-MI increased by 37.8% YoY, mainly due to a 63% growth in value-added products.

Rong Viet Securities

Vinh Hoan Corporation (VHC VN) - US Market a Bright Spot

Vietnam pangasius exports continued growing in 1Q26, with an export value at US$513mn (+1% YoY). China and Hong Kong (around 28% of total exports)...

Mirae Asset Securities

Ecuador's crisis affects global seafood supply, boosting India's shrimp industry amid challenges and caution from investors.