External broker reports(aggregated public sources), Vietcap

Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We downgrade our rating for VHC to OUTPERFORM from BUY.</li><li>Although 2025 earnings are weighed on by the impact of US tariffs and high-cost restocking, we expect demand recovery to follow with normalization of export-size supply and a shift away from China to higher-value markets.</li><li>In the medium term, VHC’s leading position in the US and in EU countries, price advantages vs Chinese and Brazilian tilapia, and sea whitefish quota cuts, should underpin a 10% CAGR for frozen-filet revenue over 2024–29F.</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.

We downgrade our rating for VHC to OUTPERFORM from BUY.Although 2025 earnings are weighed on by the impact of US tariffs and high-cost restocking, we expect demand recovery to follow with normalization of export-size supply and a shift away from China to higher-value markets.In the medium term, VHC’s leading position in the US and in EU countries, price advantages vs Chinese and Brazilian tilapia, and sea whitefish quota cuts, should underpin a 10% CAGR for frozen-filet revenue over 2024–29F.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 [OUTPERFORM +15.9%] - Modest Earnings Growth in 2025; Medium-Term Outlook Intact

Vinh Hoan Corp

VHC [OUTPERFORM +15.9%] - Modest Earnings Growth in 2025; Medium-Term Outlook Intact