External broker reports(aggregated public sources), Vietcap

Vietcap

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Airports Corporation Of Viet Nam / Equity Bottom-Up

<ul><li>We increase our target price (TP) for ACV by 18% but reiterate our MARKET PERFORM rating as ACV’s share price has increased by 11% in the last three months.</li><li>We adjust our valuation approach from a 100% DCF method to a blend of DCF (70% weight) and EV/EBITDA multiple (30% weight) to mitigate the impact of heavy capex for Long Thanh International Airport (LTA) in 2025-26F and high interest expenses from 2027F onward.</li><li>We apply an EV/EBITDA multiple of 20.0x, consistent with ACV’s 2017-2024 average (excluding 2020-2022). We believe ACV merits valuation multiples at least equal to its historical average.</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.

We increase our target price (TP) for ACV by 18% but reiterate our MARKET PERFORM rating as ACV’s share price has increased by 11% in the last three months.We adjust our valuation approach from a 100% DCF method to a blend of DCF (70% weight) and EV/EBITDA multiple (30% weight) to mitigate the impact of heavy capex for Long Thanh International Airport (LTA) in 2025-26F and high interest expenses from 2027F onward.We apply an EV/EBITDA multiple of 20.0x, consistent with ACV’s 2017-2024 average (excluding 2020-2022). We believe ACV merits valuation multiples at least equal to its historical average.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 - Strong International Traffic Recovery, Softer Near-Term Domestic Pax Outlook

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

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<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

<ul><li>We anticipate that total passenger volume will increase by 20% YoY and reach 118 million pax this year, largely driven by the stronger recovery of international passenger volume (31.7 mn pax, +165% YoY) on the coming back of the Chinese air travelers.</li><li>Meanwhile, domestic pax volume will be flat at 87 million pax mostly due to record high base in 2022.</li><li>On the back of robust international pax volume growth, we project that revenue will amount to VND 19.1 trillion (USD 0.8 Bn, +20%YoY), while PBT will reach VND 10.0 trillion (USD 420 mn, +13% YoY) in 2023F.</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.

We anticipate that total passenger volume will increase by 20% YoY and reach 118 million pax this year, largely driven by the stronger recovery of international passenger volume (31.7 mn pax, +165% YoY) on the coming back of the Chinese air travelers.Meanwhile, domestic pax volume will be flat at 87 million pax mostly due to record high base in 2022.On the back of robust international pax volume growth, we project that revenue will amount to VND 19.1 trillion (USD 0.8 Bn, +20%YoY), while PBT will reach VND 10.0 trillion (USD 420 mn, +13% YoY) in 2023F.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.

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 - Strong International Traffic Recovery, Softer Near-Term Domestic Pax Outlook

We increase our target price (TP) for ACV by 18% but reiterate our MARKET PERFORM rating as ACV’s share price has increased by 11% in the last...

Vietcap

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

ACV - Sweet Spot of Earnings Growth Is Insight

On the back of robust international pax volume growth, we project that revenue will amount to VND 19.1 trillion (USD 0.8 Bn, +20%YoY)

Rong Viet Securities

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