BAF Q1 Profit Surges 49%, Targets 20,000 Anfarm Retail Points by 2030

Overview

BAF Vietnam (BAF) reported a 49% year-on-year increase in Q1 2026 net profit to VND 210 billion, surpassing its internal plan. At its annual general meeting on April 23, 2026, the company outlined ambitious expansion plans, including a VND 12,000 billion high-tech livestock complex and a target to grow its Anfarm retail network to 20,000 points by 2030. The results underscore BAF’s strong operational momentum amid recovering hog prices and strategic partnerships.

Key Facts

• Q1 2026 net profit before tax reached approximately VND 210 billion, up 49% year-on-year.
• Q1 2026 revenue was about VND 1,700 billion, up 51% year-on-year.
• Sales volume in Q1 was nearly 240,000 hogs, with average hog prices recovering to VND 62,000 per kg.
• BAF targets 2026 full-year net profit of VND 793 billion.
• The company announced a VND 12,000 billion high-tech livestock complex, partially funded by a USD 50 million loan from Dutch development bank FMO.
• BAF plans to expand its Anfarm retail chain from 800 points currently to 2,000 by end-2026 and 20,000 by 2030.
• The company is partnering with China’s Muyuan Group for advanced multi-story farming technology with odor control.

What Happened

At its annual general meeting on April 23, 2026, BAF Vietnam reported Q1 2026 financial results that exceeded expectations. Revenue reached VND 1,700 billion (+51% YoY) and pre-tax profit hit VND 210 billion (+49% YoY), driven by higher hog prices and sales volume of nearly 240,000 hogs. Management noted that the results surpassed the internal plan and set a positive tone for the rest of the year, given continued supply shortages in the market.

Chairman Truong Sy Ba outlined the company’s long-term strategy, including a VND 12,000 billion high-tech livestock complex. He emphasized the adoption of advanced multi-story farming technology from Muyuan Group, which includes air filtration and odor control, allowing farms to be located near residential areas. BAF also secured a USD 50 million loan from FMO of the Netherlands to support sustainable development. The company aims to expand its Anfarm retail network from 800 points to 20,000 by 2030, leveraging its integrated 3F (feed-farm-food) value chain to reduce costs by 10-12%.

Market Context

BAF shares trade on HOSE and have been supported by the recovery in hog prices and the company’s expansion plans. The broader agricultural sector in Vietnam is benefiting from supply constraints and rising demand for clean meat. BAF’s Q1 results and ambitious targets position it as a key player in the modern livestock and retail space, competing with other integrated pork producers.

Strategic Significance

BAF’s strategy centers on vertical integration from feed to retail, which allows it to capture margins across the value chain. The partnership with Muyuan for high-tech farming addresses environmental concerns, enabling faster regulatory approvals for large-scale projects. The expansion of the Anfarm retail network targets the growing demand for traceable, chilled meat in Vietnam. The USD 50 million loan from FMO at preferential rates reduces financing costs, supporting capital-intensive investments. If executed, BAF could become a dominant player in Vietnam’s pork industry, with significant pricing power and brand recognition.

What to Watch

• Q2 2026 earnings release for continued profit momentum and hog price trends.
• Progress on the VND 12,000 billion livestock complex and any additional funding announcements.
• Expansion of Anfarm retail points to 2,000 by end-2026.
• Updates on the partnership with Muyuan Group and technology transfer milestones.
• Foreign ownership changes as BAF attracts international capital.