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DBC - Surging pork price brings growth back to earnings - Company Report

Thanks to a 60% YoY surge in pork prices, DBC’s margin started to widen in May, which helped its bottom line turn to profit in H1 2018 from a loss in H1 2017. With pork supply still in deficit until late 2019, DBC’s earnings should remain strong in coming quarters. As a result, NPAT-MI should jump 59.4% YoY to VND319bn (USD13.6mn) in 2018. Aggressive expansions in feed and husbandry should take advantage of backyard farming scale-downs and industry restructuring.