- VHC announced weak Q1 2023 results with revenue of VND2.2tn (USD94mn; -32% YoY) and NPAT-MI of VND219bn (USD9mn; -60% YoY), which achieved 20% and 15% of our respective full-year forecasts and trailed our expectations as the demand slowdown in Q1 2023 was sharper than expected. As such, we see potential downside risk to our forecasts, pending a fuller review.

- In Q1 2023, VHC’s revenue plunged 32% YoY, which was mainly driven by a 32% YoY dip in sales of frozen pangasius fillets and others as well as a 19% YoY decline in C&G sales.