We initiate on VHC with a BUY rating and projected total stock return of 34.9%. VHC is the world’s largest pangasius (Vietnamese catfish) supplier with an export share of ~17% in 2018. It has a long track record in product quality, traceability and regulatory compliance. We project VHC to deliver an NPAT-MI 2018-2021 CAGR of 15% on rising pangasius demand amid limited resources of wild-caught seafood and consolidation of the pangasius value chain