ACV – Q1 results and 2023 AGM update: International passenger volume is expected to recover to 80% pre-pandemic level
- Revenue jumped by 124% YoY, which was higher than the growth of total passenger volume (72% YoY) 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% YoY as (1) ACV recorded an exchange rate loss of VND 775 billion in the period while Q1-2022 recorded an exchange rate gain of VND 268 billion due to the appreciation of JPY and (2) SG&A expenses increased by 156% YoY.
- For 2023, ACV's core EBIT growth rate is targeted at 83% YoY on the back of the continued recovery of international inbound tourism, especially the Chinese market.
- Reiterating BUY recommendation on ACV with a TP of VND 96,600.
Airports Corp Of Viet Nam. Airports Corporation of Viet Nam (ACV) is a Vietnam-based company primarily engaged in airport operation sector. Its leading business activities include the development, operation and maintenance of airport infrastructure and facilities such as runways, apron areas, taxiways, aircraft hangars, lighting systems, air traffic control towers and meteorological offices, among others. The Company provides ground services, including luggage handling, freight loading and unloading, passengers and baggage check-ins, as well as transportation from terminals to aircrafts; aircraft towing, marshalling, guarding, and securities scanning services. ACV is also engaged in the leasing of office, retail, advertising and parking spaces, along with the operation of its own souvenir and liquor shops, restaurants and convenience stores.
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