Using P/E and P/B valuation methods, BVSC sets a target price for ANV at VND 31,501/share, corresponding to an OUTPERFORM recommendation with upside potential of +17%. ANV delivered strong growth in 2025 thanks to (1) management’s thorough preparation in developing the new tilapia business; and (2) Chinese competitors facing tariff pressure in the US market. BVSC expects ANV’s tilapia export volume to continue posting double-digit growth in 2026, although at a slower pace than the previous year as tariff conditions stabilize and more companies enter the tilapia segment. ANV’s stock is currently trading at a TTM P/E of 9.4x and a 2025 P/E of 7.2x, significantly below its historical average P/E of 27x.

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Please find the attached file below.