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HAI - NON-RATED - Agri-related diversification fuels FY15 growth - Company Brief

HAI is a small-cap company with a market cap of USD22mn; it is a leading distributor of foreign branded plant protection products including herbicides, fungicides and insecticides. HAI is expecting strong growth in FY15: revenue +56% and NPAT +103% mainly driven by its corn-processing business. At the current of VND13,200, HAI is trading at PER 5.9x at company guidance FY15E EPS of VND2,241 (+103% vs. FY14 not reflected the ongoing right issue and strategic issuance yet).