We reiterate BUY on VHC as, in our view, VHC’s pangasius fish fillet segment will enter a new upturn cycle after two years of decline while its high-margin collagen and gelatin (C&G) business (38% of 2021F NPAT-MI) boasts bright growth prospects. Nevertheless, we cut our target price (TP) by 22% mainly due to a 26% downward revision to our aggregate 2021F-2023F NPAT-MI as we slash our projected C&G sales (amid COVID-19’s negative impact on C&G demand) and our projected fillet GPM (amid China’s