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HAG [NOT RATED] - Buoyant agri-food market supports earnings recovery - Company Visit Note

- Hoang Anh Gia Lai JSC (HOSE: HAG) is a conglomerate with a heavy focus on agriculture. Fruit farming is HAG’s largest segment, accounting for 48% of 2021 revenue, followed by pig farming (27%), and others (26%). 

- HAG guides for 2022G NPAT of VND1.1tn (+778 YoY), which we believe is achievable given HAG’s impressive H1 2022 earnings results and our positive agri-food market outlook in 2022.

- In 2022F, we expect HAG’s fruit business to continue to benefit from growing demand from China. 

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