- KIDO Group Corporation (HOSE: KDC) is one of the leading food manufacturing groups in Vietnam with a 42% market share in ice cream and 13% market share in edible oil. Edible oil is KDC’s largest segment (contributing 60% of 2021 gross profit), followed by food (39%) and others (1%). 

- Despite 29% YoY growth in 9M 2022 revenue, KDC reported that its PBT only edged up 1.1% YoY in 9M 2022 due to rising SG&A and net financial expenses. As a result, KDC only completed 54% of its 2022 PBT target.

- In 2023F, we expect KDC to maintain its leading position in Vietnam’s ice cream industry, which is backed by its ongoing product innovation and widespread distribution network as demand recovers after COVID-19.

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