| Title | X-Stock | VHC 58,100 +17%: Q2/2026 Business Results Update |
|---|---|
| Report Type | Phân tích công ty |
| Source | BSC |
| Industry | Consumer Goods |
| Bussiness | VHC |
| Detail |
Date : 05/10/2026 Total pages : 0 Language : English File Type : .PDF FileSize : 332 Kb Download: 5 Download |
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| Short Content |
BUSINESS RESULTS UPDATE 1. Revenue growth slowed markedly from Q1/2026 (+12% YoY) as US front-loading momentum faded toward quarter-end. Monthly revenue peaked in Apr 2026 at VND 1,254bn (+23% YoY; US alone +43% YoY), then fell to VND 1,014bn in Jun 2026 (+5% YoY; US alone -2% YoY). 2. Q2/2026 gross margin reached 20.7% (+0.9 ppt YoY, +6.1 ppt QoQ). Excluding the reversal of inventory write-down provisions, core gross margin was 18.3%, versus 15.6% in Q1/2026 and 14.2% in Q2/2025. Margins improved even though feed and fingerling prices remained high, as selling prices rose while COGS did not yet reflect the new cost base.
3. NPATMI fell 8% YoY despite gross profit rising 11% YoY due to (1) financial income falling 54% YoY to VND 52bn, mainly as FX gains reached only VND 24bn; (2) financial expenses rising to VND 35bn (vs. VND 4.5bn a year earlier), with interest expense up 109% YoY as outstanding debt at period-end rose to VND 2,470bn (+20.7% YTD). 6M/2026 cumulative: Net revenue reached VND 6,349bn (+9% YoY) and NPATMI VND 741bn (+5% YoY). |