BVSC uses three methods: P/E multiples, P/B multiples, and EV/EBITDA. We set a target price of VND 24,307/share for BAF stocks. As the closing price on August 27 is VND 18,250/share, it corresponds to an upside of +33.2%, thus we recommend an OUTPERFORM rating for BAF stocks at this target. BAF is a noteworthy stock in the livestock sector in the short and medium term due to: (1) the general recovery in prices and output of pig farming enterprises; and (2) the story of expanding the 3F segment, increasing BAF's production capacity.

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