VHC - Conservative guidance; demand set to recover from Q2 - AGM Note
  • 2019-04-26T23:51:55
  • Company Research
We attended VHC’s AGM today. Management emphasized a sustainable growth outlook for the pangasius industry and predicted a lack of wide cyclical swings in the foreseeable future. For 2019, management guides for revenue growth of 8%, but an NPAT-MI decline of 13%, based on a 20% increase in export volume against conservative profit margin assumptions.