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Despite facing a problem of raw material in 2018, Vinh Hoan's business still prospers in virtue of the favorable conditions of the USD/VND exchange rate, demand and tax policies in its two major markets - the US and China.In the longer term, the growing demand and its market diversification strategy would be the key drivers for VHC's growth. The capacity of culturing and processing will be enhanced because of Tan Hung farm and Thanh Binh factory. The price of raw fish will gradually stabilize when the projects of MARD on the fingerling quality improvement provide large amounts of fingerlings to the market. These are the principle factors that are expected to help the company expand its profit margin in the long run. In addition, the company’s stringently certified aquaculture quality and its superior ability of R&amp;D over competitors will ensure its leading position in the pangasius sector of Vietnam and the world.Based on the closing price of VND 90,000 per share on Sep 19th, 2018 and an expected dividend of VND 3,300 per share for the next 12 months, we recommend ACCUMULATE with a total return of 10%. This target price is adjusted upward compared with our May 2018 report to reflect the potential growth, in the context that the USD/VND exchange rate has risen significantly and the China’s import tax became more favorable.

Despite facing a problem of raw material in 2018, Vinh Hoan's business still prospers in virtue of the favorable conditions of the USD/VND exchange rate, demand and tax policies in its two major markets - the US and China.In the longer term, the growing demand and its market diversification strategy would be the key drivers for VHC's growth. The capacity of culturing and processing will be enhanced because of Tan Hung farm and Thanh Binh factory. The price of raw fish will gradually stabilize when the projects of MARD on the fingerling quality improvement provide large amounts of fingerlings to the market. These are the principle factors that are expected to help the company expand its profit margin in the long run. In addition, the company’s stringently certified aquaculture quality and its superior ability of R&amp;D over competitors will ensure its leading position in the pangasius sector of Vietnam and the world.Based on the closing price of VND 90,000 per share on Sep 19th, 2018 and an expected dividend of VND 3,300 per share for the next 12 months, we recommend ACCUMULATE with a total return of 10%. This target price is adjusted upward compared with our May 2018 report to reflect the potential growth, in the context that the USD/VND exchange rate has risen significantly and the China’s import tax became more favorable.

[Result Update] VHC - Benefits from Market Conditions

Vietnam

Vinh Hoan Corporation is a seafood trading and processing company. The Company's main products are 
catfish and basa fish fillets, raw catfish as processing materials and value-added products from
seafood.

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Vinh Hoan Corp (VHC VN)

[Result Update] VHC - Benefits from Market Conditions

Despite facing a problem of raw material in 2018, Vinh Hoan's business still prospers in virtue of the favorable conditions of the USD/VND exchange...

Rong Viet Securities

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