Viet Dragon Securities - AIRPORTS CORPORATION OF VIETNAM (ACV) Analyst Pin-board ACV – Domestic pax volume rapidly returned to near all-time high in May, boding well for a full recovery

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Viet Dragon Securities

Son Tran

Analyst Pin-board ACV – Domestic pax volume rapidly returned to near all-time high in May, boding well for a full recovery

· Longer consecutive holidays amid no travel restrictions have driven domestic air pax volume to near all-time high, reaching 8.5 mn in May 2022. Accumulated 5M-2022 domestic volume amounted to 31.4 mn pax, up by 23% YoY.

· Following a full international sky reopening in mid-March, international air pax volume started to pick up in Apr. Accumulated 5M-2022 international volume was more than 7.5x higher YoY, reaching 1.5mn pax.

· Civil aviation authority of Vietnam expects that air pax volume will recover to 70-80 mn pax in 2022 since all restrictions are lifted. In which, int’l pax and domestic pax could reach 10mn pax (24% pre-Covid level) and 60-70 mn pax (80%-94% pre-Covid level), respectively.

· We’re pending a comprehensive review on the current TP for ACV of VND 100,400 due to better-than-expected air passenger volume.

13/06/2022 6 EN

Underlying

AIRPORTS CORPORATION OF VIETNAM

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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VN000000ACV6 Vietnam

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.”

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Analysts

Son Tran

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Analyst Pin-board ACV – Domestic pax volume rapidly returned to near all-time high in May, boding well for a full recovery

ACV – Q3-2023 Result Update: Provisioning for Receivables from Local Airlines Weighed on Core Profit Growth

Result Update Report: ACV - Sweet Spot of Earnings Growth Is Insight

ACV – Q1 results and 2023 AGM update: International passenger volume is expected to recover to 80% pre-pandemic level

Week Ends in Green

DPR – Compensation from Tien Hung 2 drives strong Q2 profit growth

Fertilizer industry – Big players looking to expand NPK share as Urea market saturates

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