Based on the updated 2026F earnings forecast, BVSC sets a target price of VND 41,900/share for FMC, corresponding to a NEUTRAL recommendation with an upside potential of +10.3%. This target price implies a 2026 P/E of 7.9x. Key factors affecting FMC in the coming period include: (1) shrimp consumption demand in the U.S., Japan, and EU markets; (2) fluctuations in shipping freight costs influenced by the U.S.–Iran conflict; (3) changes in U.S. tariff policies; and (4) raw shrimp input costs.