VHC shares are expected to rise 5%.

According to KBSV, Vinh Hoan Joint Stock Company (VHC – HOSE) recorded net revenue of VND 2,955 billion (12% growth) and after-tax profit attributable to parent company shareholders of VND 266 billion (38% growth).

According to KBSV's assessment, most business segments recorded high growth, with revenue from pangasius fillets reaching VND 1,546 billion (up 14%), and revenue from Collagen & Gelatin and Sa Giang reaching VND 198 billion (up 21%) and VND 191 billion (up 16%) respectively, thanks to recovering demand in key markets.

Cổ phiếu VHC được kỳ vọng tăng 5%- Ảnh 1. — VHC shares are expected to rise by 5% (illustrative image).

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Regarding market conditions, the supply of wild-caught whitefish continues to be limited, causing import volumes to continue declining in the US and Europe. The proposed 21st package of sanctions by the European Union (EU), aiming for a complete ban on seafood originating from Russia, will create significant opportunities for alternative products with stable supply chains, such as Vietnamese pangasius. Currently, about 90% of pollock imported into Europe originates from Russia and is circumvented through China.

KBSV believes that the impact of the conflict in Iran is driving up transportation and overall costs, putting pressure on the pangasius value chain. In addition, the cost of purchased fingerlings and raw fish is continuously reaching record highs, negatively impacting the company's gross margin. On the other hand, profit margins are expected to stabilize due to the potential for price increases from the US, driven by low inventory levels and continued stable demand.

KBSV projects VHC's revenue and after-tax profit to reach VND 14,044 billion (17% growth) and VND 1,572 billion (15% growth) respectively in 2026.

KBSV expects that higher selling prices will offset the increase in costs, along with a recovery in production in the US market. With a fair valuation of VND 60,300 per share, equivalent to a potential upside of 5%, HBSV recommends a neutral rating for VHC shares.

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