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VHC - Sacrifices short-term growth for more sustainable future - Company Report

The US market continues to be the main revenue generator thanks in part to no anti-dumping tariff, while China is poised to be a new growth driver. Raw fish supply shortage and higher demand from China should drive export price 23.4% YoY higher and volume to expand 8.8% YoY in 2018. A recent redemption of its subsidiary Van Duc Tien Giang, which accounts for 25% of total revenue, hurts 2018 volume by at least 15% in exchange of lower net D/E and higher efficiency.