ACV – Q4-2022 Business Results Update: Lower Financial Income And Surging Provision Expenses Slowed The Earnings Growth Momentum
- Q4-2022 Revenue remains resilient compared to the last quarter despite lower passenger volume (25mn vs 30mn) owing to higher international passenger volume (5.3mn vs 4.1mn), staying at VND 4.1 trillion (or USD 174mn, +328% YoY).
- Q4-2022 NPAT was down 46% QoQ, coming at VND 1.3 trillion (or USD 54mn, +289% YoY), due to lesser financial income (JPY appreciated) and abrupt surge of provision expenses for doubtful receivables from airlines.
- 2022 Net sales and NPAT respectively posted VND 13,834 bn (or USD 586 mn, +191% YoY) and VND 7,122 bn (or USD 302 mn, +803% YoY). While revenue is 7% ahead of our forecast, NPAT was in line with expectation, completing 99% of our forecast.
- We remain our positive view on ACV as we believe in the brighter outlook in 2023, driven by (1) stronger international air passenger inbound following Chinese relaxation on air travel, (2) partial reversals of receivables provision, while the downside risk is lower-than-expected financial income due to stronger JPY and decreasing term deposit (due to large CAPEX for key projects namely Long Thanh International Airport and Tan Son Nhat T3 Terminal).
- We’re pending a fuller review of 2023 forecasts for ACV, of which the current TP is VND 96,600 (an upside of 13%).
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.
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.”
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.