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Rong Viet Securities

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Equity Bottom-Up

Airports Corporation Of Viet Nam / Equity Bottom-Up

<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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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