We maintain our OUTPERFORM rating and target price (TP) of VND45,000/share as we remain positive on the long-term prospects of VHC’s high-margin C&G segment while pangasius fillet demand continues to recover — albeit at a slow pace currently. We trim our aggregate 2021F-2023F NPAT-MI by 2% (mainly attributed to 2021F-2022F) as C&G sales are trailing our expectations amid COVID-19 disruptions to demand. Meanwhile, fillet ASP and GPM are trending above our previous expectations amid a robust