BVSC employs a weighted approach, utilizing 60% DCF and 40% P/E multiples to derive a target price of VND 90,028/share for VHC. As of March 11^th, 2024, VHC closed at VND 74,800, indicating a potential upside of 20.4%. Consequently, we assign an OUTPERFORM rating to VHC at this price target. The stock is particularly compelling in the fisheries sector due to: (1) the expectation of recovery of the Pangasius industry from the lows of 2023; and (2) the story of expanding the ecosystem to products other than pangasius (Agriculture products, animal feed, C&G, Sa Giang, etc.) in the medium and long term.

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