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With a comparatively enticing valuation and a bullish trade outlook, seafood shares are anticipated to develop positively in 2022.
The prospect of the seafood trade in 2022 is anticipated to proceed to be optimistic, with export turnover forecast to succeed in US$9 billion, An Binh Securities Joint Inventory Firm mentioned.
In line with analysts, the restoration and reopening of the worldwide financial system, particularly within the US and Europe, due to the promotion of vaccinations, will enhance demand for Vietnamese seafood exports.
The seafood sector additionally advantages from multilateral and bilateral commerce agreements. Because the EU-Viet Nam Free Commerce Settlement (EVFTA) comes into impact, some shrimp merchandise exported to the EU with a tariff price of 12-20 per cent will probably be decreased to 0 per cent, resembling frozen black tiger shrimp.
It will replicate within the constructive upcoming enterprise outcomes of seafood exporters within the fourth quarter of 2021 and the entire of 2022.
As well as, as inventory valuation will not be excessive, the seafood trade remains to be enticing to buyers.
On the inventory market, apart from Vinh Hoan Company (VHC), seafood shares witnessed a robust correction in January after surging final yr, with Minh Phu Seafood Company (MPC) down 15 per cent, Navico (ANV) dropping 25 per cent, Camimex Group (CMX) down 33 per cent and Sao Mai Group Company (ASM) down 27 per cent. Nevertheless, these shares began to get well and gained fairly sharply from the start of February.
Particularly, on February 14, whereas the market benchmark VN-Index dropped practically 30 factors, seafood was one of many uncommon inventory teams posting constructive efficiency.
Of which, VHC and ANV hit the ceiling value of 6.9 per cent, whereas many different shares rose resembling I.D.I Worldwide Growth & Funding Company (IDI) up 6.5 per cent, Cuu Lengthy Fish JSC (ACL) up 5 per cent, and CMX up 4.4 per cent.
Bullish outcomes
Regardless of difficulties, particularly throughout many months of social distancing as a result of pandemic, the seafood trade has skilled a profitable yr in 2021.
Most companies within the trade recorded constructive enterprise outcomes prior to now yr, with income and revenue margins growing due to the restoration of export seafood costs.
Within the final quarter of 2021, the main exporter of the trade, Vinh Hoan, posted consolidated web income of VND2.69 trillion, up 33.8 per cent over the identical interval in 2020, leading to a acquire of 175 per cent in revenue after tax to VND461.2 billion. This was the corporate’s highest quarterly revenue since mid-2018.
For 2021, Vinh Hoan noticed web income of VND9.05 trillion with revenue after tax reaching VND1.1 trillion, up 28.6 per cent and 54.3 per cent on-year, respectively.
Sao Ta Meals JSC(FMC) additionally reported good leads to the final quarter of 2021. The corporate’s income exceeded the milestone of over VND1.44 trillion, whereas its revenue after tax reached over VND110 billion; up 19.4 per cent year-on-year and 73.4 per cent, respectively.
For the entire of 2021, Sao Ta Meals posted document income of practically VND5.2 trillion, whereas its revenue after tax additionally hit an all-time excessive at VND285.6 billion.
Equally, Camimex Group reported income within the fourth quarter of 2021 double the identical interval of 2020 and revenue elevated 23.6 per cent over 2020 to VND23.78 billion.
For 2021, the corporate’s web income jumped 53.7 per cent to VND2.19 trillion, with revenue after tax up 38 per cent to VND82.9 billion.
In the meantime, Minh Phu Seafood, which has but to announce the fourth quarter’s consolidated monetary statements, wish to lengthen the deadline for submitting enterprise outcomes till February 25.
Within the first 9 months of the yr, Minh Phu recorded web income of VND8.9 trillion, up 11 per cent year-on-year, with revenue after tax of VND565.6 billion, up 19.1 per cent. In 2021, Minh Phu focused a income of VND15.7 trillion, with revenue after tax of VND1.09 trillion.
In line with a report from SSI Securities Company, the trade’s common value to earnings ratio (P/E) elevated to 11-13x in 2021, from 7-9x.
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