- We provide an update on ANV following our last report, dated April 19, 2022. 

- In 2022, ANV’s revenue was at a record high of VND5tn (+40% YoY). We mainly attribute this success to (1) stronger pangasius sales volume as pangasius demand recovered post COVID-19, and (2) surging pangasius prices after disrupted supply amid the Russian-Ukrainian war.

- However, due to weak pangasius demand and shrinking pangasius prices in H1 2023, NPAT-MI slumped 91% YoY. Notably, ANV reported Q2 2023 NPAT-MI loss of VND51bn.

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