VHC [BUY +40.0%] - Recovery in pangasius demand points to strong 2021 - Update
  • 2020-11-09T20:07:52
  • Company Research
We reiterate BUY and raise our target price (TP) by 27% as we roll it over to YE2021 while also incorporating a separate valuation for VHC’s high-margin, fast-growing collagen and gelatin (C&G) business. Per our forecast, C&G will contribute 36%/37% to 2020F/2021F NPAT-MI.