Title ANV_BUY_TP 40,60_Benefit from the industry's upward cycle_BSC Company Update
Report Type Phân tích công ty
Source BSC
Bussiness ANV
Detail Date : 12/04/2022
Total pages : 7
Language : English
File Type : .PDF
FileSize : 402 Kb
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Short Content
VIEWPOINT OF PRICE
BSC maintains its BUY recommendation for ANV with a new target price for 2022 of VND 40,600/share (upside 18% compared to February 21, 2022) after (i) Adjusting its 2022 profit forecast and (ii) Increase ANV's target P/E from 11 to 12.5 
 
FORECAST BUSINESS RESULTS
In 2022, BSC expects ANV's revenue and profit after tax to reach VND 6,131 billion (+76% YoY) and VND 470 billion (3 times higher than the same period). EPS 2022 is 3,250 dong, P/E fw 2022 is 10.6.
 
OUTLOOK FOR 2022
  • Benefit from the positive prospect of the pangasius industry and restore exports to the Chinese market
  •  Expecting to have an advantage when raw fish prices increase and reduce transportation costs in 2022.
 
BUSINESS UPDATE
Business results in 2021 reached 3,493 billion in revenue (+2% YoY) and 127 billion in profit after tax (-37% YoY). Business results decreased due to (i) Export operations were interrupted by the epidemic (ii) High costs due to increased freight rates and other costs related to “Three on the spot”
Gross profit margin slightly improved from 14% to 16% as the company increased the proportion of Solar Power segment (112 billion in revenue, x 15 times the same period). Gross profit margin from solar power reached 75%, accounting for 15% of ANV's gross profit.
Selling and general and administrative expenses increased sharply (+39% YoY) due to the double increase in transportation costs over the same period.