- We maintain our BUY rating as we maintain our positive view for a continuing demand recovery in both VHC’s pangasius fillet and collagen & gelatin (C&G) businesses while supply remains limited.

- We decrease our target price (TP) by 2% as we increase our in-house risk-free rate assumption by 50 bps, which is partially offset by our 3% higher aggregate 2022F-2024F NPAT-MI that is mainly thanks to increased sales volume projections across main products. 

- We project EPS to rise 102%/14% YoY in 2022F/2023F thanks to robust fillet and C&G profits as we believe global demand will continue to recover from COVID-19 disruptions. Nevertheless, we expect softer fillet ASPs will lead to 14% YoY lower EPS in 2024F as demand softens due to high prices.

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