Viet Dragon Securities - ACV – 4Q-2023 Financial Results: Profit Falls Short of Expectations but Some Positive Signs Emerge

Report

Viet Dragon Securities

Tung Do

ACV – 4Q-2023 Financial Results: Profit Falls Short of Expectations but Some Positive Signs Emerge

ACV has announced its Q4-2023 financial results, reporting revenue and net profit (excluding Takeoff/Landing operations) of VND 5.1 trillion (+24% YoY and -5% QoQ) and VND 1,310 billion (+26% YoY and -46% QoQ), respectively.
The increase in the proportion of international passengers helped mitigate the QoQ decline in revenue compared to passenger volume (-17% QoQ), surpassing our previous expectations.
Despite falling short of our profit expectations due to ACV increasing provisions for overdue receivables from Bamboo Airways, Pacific Airlines, and Vietravel Airlines, there are several positive points to note: (1) ACV has provisioned for most of the bad debts from the aforementioned airlines, significantly reducing the provisioning pressure for 2024, and (2) ACV has begun to reverse provisions of VND 260 billion for bad debts from Vietjet.
For the full year, ACV recorded revenue of VND 20 trillion (+45% YoY) and net profit (excluding Takeoff/Landing operations) of VND 7.3 trillion (+18% YoY), equivalent to an EPS of 3,362 VND, surpassing full-year profit plan by 25%.
The current target price of VND 77,600, and the 2024 forecasts will be updated in the upcoming report.

31/01/2024 8 EN

Provider

Viet Dragon Securities

Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.

RongViet Research reports are diversified and abundant, along with in-depth analysis and performed by experienced, highly-qualified and knowledgeable teams. With the objectives of transparency, accurate and timely manner, RongViet believes that our products would always be important sources of information for customers/investors’ investment decisions.”

See profile

Analysts

Tung Do

Other Reports from Viet Dragon Securities

Dung Ma ... (+2)

Dung Ma
Hung Le

AWAITING THE BREAKOUT

Looking ahead to October, the 3Q2014 earnings season is expected to be lively in the last two weeks of the month, acting as a positive catalyst for the market. The banking sector is expected to remain the key growth driver alongside a recovery in the manufacturing and retail sectors, contributing to the VN Index's estimated NPAT growth of ~28% y/y. Growth drivers for the banking sector include (1) a slight increase in NIM in Q3 compared to the previous quarter as asset quality improves, (2) credit costs no longer weigh heavily on profits, and (3) loan growth among banks on the watch list (acco...

October 7, 2024 October 7, 2024 33 EN

Hung Nguyen

Hung Nguyen

Vietnam chilled-fresh meat market – Significant long-term potential but difficult to realize in

• Euromonitor predicts that growth in the meat market will slow down to a CAGR of 4.1% over the period 2024-28, as rising consumption of new types of meat such as beef and goat will not be enough to offset saturation in consumption of pork and poultry, the main products consumed in Vietnam. • Although overall market growth may be limited, the potential for a shift in consumer preferences from hot-fresh to chilled-fresh meat in Vietnam continues to attract major brands. However, the market still faces obstacles, including long-standing consumer habits of buying hot-fresh meat in traditional ma...

October 4, 2024 October 4, 2024 7 EN

Phuong Nguyen

Phuong Nguyen

The decline has not come to a halt

• It is expected that the 1,260–1,270 range, where the MA(20), MA(50), MA(100), and MA(150) converge, will help to slow down the market’s decline. • The market may see fluctuations in the near term to gauge supply and demand.

October 4, 2024 October 4, 2024 7 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

ACV – 4Q-2023 Financial Results: Profit Falls Short of Expectations but Some Positive Signs Emerge

AWAITING THE BREAKOUT

Vietnam chilled-fresh meat market – Significant long-term potential but difficult to realize in

The decline has not come to a halt

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe