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

Rong Viet Securities

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Thematic (Sector/Industry)

VJC is a rare growth stock in the market. Having a core business growing at over 40%/year in the past five years is not common. As a result, the stock is trading at a P/E 2018F of 26x (EPS adjusted for sale and leaseback earnings). However, we are concerned that passenger growth from 2020 onward may slow down, while performance efficiency may decline due to the aggressive expansion of the fleet, higher oil prices or currency fluctuations.Accordingly, we only apply a target P/E of 18x for VJC in 2019. Combined with the EV/EBITDAR of 8x, our target price for VJC is VND 170,000. We recommend to ACCUMULATE the stock with a total upside of 19.

VJC is a rare growth stock in the market. Having a core business growing at over 40%/year in the past five years is not common. As a result, the stock is trading at a P/E 2018F of 26x (EPS adjusted for sale and leaseback earnings). However, we are concerned that passenger growth from 2020 onward may slow down, while performance efficiency may decline due to the aggressive expansion of the fleet, higher oil prices or currency fluctuations.Accordingly, we only apply a target P/E of 18x for VJC in 2019. Combined with the EV/EBITDAR of 8x, our target price for VJC is VND 170,000. We recommend to ACCUMULATE the stock with a total upside of 19.

[Result Update] VJC - Growth Speed to Watch Closely

Equity Bottom-Up

Noi Bai Catering Services JSC (NCS – UPCOM) is a leading player in flight catering and related services at NoiBai international airport. Due to its monopoly status in providing catering service for Vietnam Airlines, as well as its extensive experience in the catering services industry, its business activities have been growing up over the years. During 2013-2017, NCS’s net revenues and NPAT have recorded an impressive CAGR of 13% and 27% respectively. For the period 2018-2022, flight catering…

Noi Bai Catering Services JSC (NCS – UPCOM) is a leading player in flight catering and related services at NoiBai international airport. Due to its monopoly status in providing catering service for Vietnam Airlines, as well as its extensive experience in the catering services industry, its business activities have been growing up over the years. During 2013-2017, NCS’s net revenues and NPAT have recorded an impressive CAGR of 13% and 27% respectively.  For the period 2018-2022, flight catering…

NCS - Growth Opportunity in the Vietnam Aviation Industry

Taseco Airs (HSX: AST) is one of the largest companies operating in the non-aeronautical business at five major international airports in Vietnam. The company covers a range of services for air passengers. Thanks to strong growth of air passengers, backed by the Government’s support for infrastructure improvements in the tourism sector, airport retailers will be the main beneficiaries. AST owns a network of more than 70 point-of-sale under the Lucky brandname, with dominant position in Noi Bai…

Taseco Airs (HSX: AST) is one of the largest companies operating in the non-aeronautical business at five major international airports in Vietnam. The company covers a range of services for air passengers. Thanks to strong growth of air passengers, backed by the Government’s support for infrastructure improvements in the tourism sector, airport retailers will be the main beneficiaries. AST owns a network of more than 70 point-of-sale under the Lucky brandname, with dominant position in Noi Bai…

[Comapy Report] AST - Key Beneficiary from the Fast Growing Aviation Market

Vietnam

Vietjet Aviation Joint Stock Company provides air transportation services. The Company offers flight and booking information, in-flight, cargo, and baggage services. Vietjet Aviation operates flights to various destinations in Southeast Asia.

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Vietjet Aviation (VJC VN)

[Result Update] VJC - Growth Speed to Watch Closely

VJC is a rare growth stock in the market. Having a core business growing at over 40%/year in the past five years is not common. As a result, the...

Rong Viet Securities

NCS - Growth Opportunity in the Vietnam Aviation Industry

Noi Bai Catering Services JSC (NCS – UPCOM) is a leading player in flight catering and related services at NoiBai international airport. Due to its...

Rong Viet Securities

[Comapy Report] AST - Key Beneficiary from the Fast Growing Aviation Market

Taseco Airs (HSX: AST) is one of the largest companies operating in the non-aeronautical business at five major international airports in Vietnam....

Rong Viet Securities

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