ANV is the third largest pangasius exporter in Vietnam with an export share of ~6% in 2018, per our estimate. ANV’s main markets include Latin America (LatAm), China and Southeast Asia. During 2010-2016, ANV averaged near-zero ROE due to non-core losses and hefty interest expenses. Since 2017, ANV has been refocused on its core pangasius export business. This, coupled with favorable industry conditions, catapulted ROE to 37% in 2018. Backed by rising internal supply and heightening Chine