We reiterate BUY as we remain optimistic on the long-term outlook of pangasius fish while VHC’s cyclical risk profile has improved as ASP and GPM have corrected from record-high levels.Valuation looks appealing with a 2020F PER of 6.7x, based on our forecasts, against VHC’s five-year average of 7.8x along with a decent dividend yield of 3.7%.