Vinh Hoan Corporation (HOSE: VHC) | Q2 2025 Update, ADD – 1Y Upside +12.8%.

Profit Surged in H1 2025 Thanks To Improvements in Margins

In H1 2025, VHC recorded revenue of VND 5,841bn (-3.5% YoY), but thanks to markedly lower input costs, NPAT rose 38.7% to VND 734bn, while NPAT–MI increased 41.8% to VND 692bn.

We forecast that Q3 2025 performance will be weaker, reflecting real demand after the front-loading effect, and this dynamic was already incorporated in our initiation model; therefore, we maintain FY2025 revenue at VND 12,343bn (-1.4% YoY), just slightly below VHC’s good case target of VND 12,350bn. Within this, pangasius sales are projected at VND 6,638bn (-5.3% YoY) for FY2025, reflecting a greater tariff impact in H2 2025.

We maintain our 12-month target price for VHC at VND 66,000/share and adjust our recommendation to an ADD rating as VHC share price has gone up 1.9% from the day we released our initiation. The target price of VND 66,000/share implies a potential upside of 12.8% from the closing price of VND 58,500/share as of August 08, 2025.