- VHC announced H1 2023 results with revenue of VND4.9tn (USD209mn; -34% YoY) and NPAT-MI of VND631bn (USD27mn; -53% YoY), completing 44% and 51% of our respective full-year forecasts. While revenue is broadly in line with our forecast, net profit slightly beat our projection. As such, we see upside potential to our forecasts, pending a fuller review. 

- In Q2 2023, VHC’s revenue plunged 36% YoY but rebounded 23% QoQ, which was mainly spearheaded by a 20% QoQ recovery in sales of frozen pangasius fillets & others and partially offset by a 5% QoQ slide in C&G sales.

- In terms of sales by location, VHC experienced the strongest revenue improvement in the US (+31% QoQ), Vietnam (+24% QoQ) and China (+43% QoQ), which was despite a declining pangasius supply due to high farming costs and unfavorable El Niño weather in H1 2023. Based on AgroMonitor’s data, we estimate that VHC’s average selling price for frozen fillets across markets was USD3.6/kg (+6% QoQ) in Q2 2023. 

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