- We attended VHC’s AGM in Dong Thap Province on May 12, 2023. The meeting focused on the company’s 2023 business outlook as well as its strategic direction for 2023-2025. 

- For 2023, management guides for revenue of VND11.5tn (USD489mn; -13% YoY) and NPAT of VND1.0tn (USD43mn; -43% YoY). Per management, weak fillet demand in the global market and recent price rallies of feed materials (such as soybeans and corn) will rein in VHC’s earnings in 2023-2024. These revenue and NPAT targets are equivalent to 103% and 80% of our respective full-year forecasts.

- FY2023 cash dividend: VND2,000/share (yield of 3.4%) vs our forecast of VND1,500/share (yield of 2.5%). The payment date will be determined by the BOD.  

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