External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

Airports Corporation Of Viet Nam / Equity Bottom-Up

<ul><li>Net revenue grew by 13% YoY, reaching VND 4.9 trillion, while NPAT increased by 26% YoY, recording VND 2,898 bn after excluding airport infrastructure.</li><li>Total passenger volume reached 27 mn (-7% YoY), with international passenger volume increasing by 31% YoY to 9.8 mn, while domestic passenger volume dropped by 21% YoY to 17.2 mn.</li><li>The strong growth in international passengers was driven by Vietnam's ability to attract tourists from South Korea and China due to low travel costs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Net revenue grew by 13% YoY, reaching VND 4.9 trillion, while NPAT increased by 26% YoY, recording VND 2,898 bn after excluding airport infrastructure.Total passenger volume reached 27 mn (-7% YoY), with international passenger volume increasing by 31% YoY to 9.8 mn, while domestic passenger volume dropped by 21% YoY to 17.2 mn.The strong growth in international passengers was driven by Vietnam's ability to attract tourists from South Korea and China due to low travel costs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ACV - Bad Debt Risks Overshadow Many Growth Opportunities

<ul><li>Revenue jumped by 124% YoY, which was higher than the growth of a total passenger volume (72% Y0Y) due to a sharp increase in international arrivals volume of 1471% YoY from the low base of the same period in 2022.</li><li>NPAT grew at a slower rate of 87% Y0Y as (1) ACV recorded an exchange rate loss of VND 775 billion in the period due to the appreciation of JPY while Q1-2022 recorded an exchange rate gain of VND 268 billion and</li><li>(2) SG&amp;A expenses increased by 156% YOY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Revenue jumped by 124% YoY, which was higher than the growth of a total passenger volume (72% Y0Y) due to a sharp increase in international arrivals volume of 1471% YoY from the low base of the same period in 2022.NPAT grew at a slower rate of 87% Y0Y as (1) ACV recorded an exchange rate loss of VND 775 billion in the period due to the appreciation of JPY while Q1-2022 recorded an exchange rate gain of VND 268 billion and(2) SG&amp;A expenses increased by 156% YOY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ACV - Sweet Spot of Earnings Growth Is Insight

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Sai Gon Cargo Service  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-gon-cargo-service-corp" target="_blank" data-smartkarma-citation="entities:40374:1" rel="noopener">Sai Gon Cargo Service (SCS VN)</a> is a cargo handling business, majority owned by the <a href="https://www.smartkarma.com/entities/airports-corp-of-vietnam-jsc" target="_blank" data-smartkarma-citation="entities:23702:1" rel="noopener">Airports Corporation Of Viet Nam (ACV VN) and </a><a href="https://www.smartkarma.com/entities/gemadept-corp" target="_blank" data-smartkarma-citation="entities:22695:1" rel="noopener">Gemadept Corp (GMD VN)</a> .  </li>
<li>Net cash (16% of market cap), trading at 11.5x FY24e PE, with ~7% dividend yield (assuming 80% payout ratio), &gt;75% EBITDA margins/&gt;70% net margins, and 5 Yr Avg-ROEs  &gt;40%. </li>
<li>We see long-term structural growth drivers with the construction of the <a href="https://en.wikipedia.org/wiki/Long_Thanh_International_Airport" target="_blank" rel="noopener">Long Thanh Airport</a>, and in the short term, we see an impending cargo volume recovery.</li>
</ul>



Sai Gon Cargo Service (SCS VN) is a cargo handling business, majority owned by the Airports Corporation Of Viet Nam (ACV VN) and Gemadept Corp (GMD VN) .  
Net cash (16% of market cap), trading at 11.5x FY24e PE, with ~7% dividend yield (assuming 80% payout ratio), &gt;75% EBITDA margins/&gt;70% net margins, and 5 Yr Avg-ROEs  &gt;40%. 
We see long-term structural growth drivers with the construction of the Long Thanh Airport, and in the short term, we see an impending cargo volume recovery.


Sai Gon Cargo Service (SCS VN): 11.5x FY24e PE, ~7% Dividend Yield, >70% Net Margin Business

Podcast by Magellan Asset Management, Magellan Asset Management

MAGELLAN - IN THE KNOW

Podcast by Magellan Asset Management

Magellan Asset Management

‘In The Know’ is a new monthly investment podcast brought to you by Magellan Asset Management, one of Australia’s leading global equities investors. We seek to bring you timely, unique and thought-provoking insights to help you make sense of today’s investment landscape. From deep dives into the latest macroeconomic and geopolitical issues, to our analysis on sectors and stocks on global markets. Join Magellan, as they connect with a myriad of experts in their field, including CEOs of stocks we hold, global leaders and consultants in finance, investing, risk and politics, and key members of our investment team and business. ‘In The Know’ - a monthly podcast from Magellan is worth investing your time in! Magellan - Experts in global investing.

Thematic (Sector/Industry)

<ul>
<li>Gerald Stack, Ben McVicar, and Ofa Karlina discuss investing in infrastructure and the opportunities it offers</li>
<li>Infrastructure assets provide essential services like energy, water, and transport, leading to reliable and predictable long-term demand</li>
<li>Short-term problems or opportunities in infrastructure companies can impact share prices, creating investment opportunities for savvy investors</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.


Gerald Stack, Ben McVicar, and Ofa Karlina discuss investing in infrastructure and the opportunities it offers
Infrastructure assets provide essential services like energy, water, and transport, leading to reliable and predictable long-term demand
Short-term problems or opportunities in infrastructure companies can impact share prices, creating investment opportunities for savvy investors

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Lessons Learnt from Investing in Essential Services

Global Mobility/Transport, Equity Long-Short

Mohshin Aziz

<ul>
<li>We compiled the share price movements of 183 global travel/mobility stocks to uncover general trends and identify rotation and laggard plays   </li>
<li>Tourist countries like Greece, Spain and Turkey did very well. The U.S. also performed well, almost all names closed the year higher except for those with unique problems  </li>
<li>China and anything that is China-focused performed the worst, even companies that delivered great results are not spared and currently trading at cheap valuations </li>
</ul>


We compiled the share price movements of 183 global travel/mobility stocks to uncover general trends and identify rotation and laggard plays   
Tourist countries like Greece, Spain and Turkey did very well. The U.S. also performed well, almost all names closed the year higher except for those with unique problems  
China and anything that is China-focused performed the worst, even companies that delivered great results are not spared and currently trading at cheap valuations 


2023 Winners & Losers: Laggards and Rotation Plays for Global Travel/Mobility Stocks

Vietnam

Airports Corporation of Vietnam JSC provides airport operations. The Company is involved in investment, construction, management, and maintenance of airports. Airports Corporation of Vietnam operates in Vietnam.

Airports Corporation Of Viet Nam (ACV VN)

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Airports Corporation Of Viet Nam (ACV VN)

ACV - Bad Debt Risks Overshadow Many Growth Opportunities

Net revenue grew by 13% YoY, reaching VND 4.9 trillion, while NPAT increased by 26% YoY, recording VND 2,898 bn after excluding airport...

Rong Viet Securities

ACV - Sweet Spot of Earnings Growth Is Insight

Revenue jumped by 124% YoY, which was higher than the growth of a total passenger volume (72% Y0Y) due to a sharp increase in international...

Rong Viet Securities

Sai Gon Cargo Service (SCS VN): 11.5x FY24e PE, ~7% Dividend Yield, >70% Net Margin Business

SCS VN is net cash (16% of market cap), trading at 11x FY24 PE, with >7% dividend yield (assuming 80% payout ratio), >75% EBITDA margins/>70% net...

Sameer Taneja

Lessons Learnt from Investing in Essential Services

The podcast explores the benefits of investing in infrastructure assets for reliable long-term cash flows and opportunities for growth.

MAGELLAN - IN THE KNOW

2023 Winners & Losers: Laggards and Rotation Plays for Global Travel/Mobility Stocks

This report provides a quick peek on the best and worst performers in the world of global aviation and the industries that revolve around it. We...

Mohshin Aziz

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