- BAF Vietnam Agriculture JSC (HOSE: BAF) is a new player in pig farming in Vietnam and is among a few companies that adopt a ‘Feed-Farm-Food’ (3F) integrated business model. 

- Trading of agricultural products was the largest revenue contributor in 2021 at 93%. However, BAF expects to focus more on developing its 3F model and exit the trading business by 2025F. 

- H1 2022 NPAT-MI dropped 36% YoY, primarily due to (1) lower revenue from core trading activities and (2) startup costs of its new animal feed factory (see page 10). BAF’s GPM, on the other hand, improved by 1.3 ppts YoY due to a larger share of 3F in the business mix.

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