Viet Dragon Securities - AIRPORTS CORPORATION OF VIETNAM (ACV) Analyst Pin-board ACV – Q3-2022 Business Results Update: Maintaining the Robust Recovery Momentum

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Viet Dragon Securities

Tung Do

Analyst Pin-board ACV – Q3-2022 Business Results Update: Maintaining the Robust Recovery Momentum

Total passenger volume recorded the all-time high at 30 million in Q3-2022 (international: 4 million, domestic: 26 million) and up 8% compared to Q2-2022.
Core net revenue (excluding landing/take-off revenue) reached VND3,605 billion, up 24% QoQ and 21% lower than the same period in 2019 (pre-covid level). Meanwhile, core EBIT (excluding landing/take-off profit) recorded VND 1,697 billion, up 74% QoQ and also about 20% lower than Q3-2019.
Accumulated 9M-2022, ACV posted revenue of VND 8,209 billion (+154% YoY) and NPAT-MI of VND 5,164 billion (31x YoY), after excluding landing/take-off revenue and profit.
Q3-2022 business results skyrocketed from the low base of the same period in 2021

31/10/2022 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

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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

Tung Do

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Analyst Pin-board ACV – Q3-2022 Business Results Update: Maintaining the Robust Recovery Momentum

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

Pressure from the 1,300 points

Social Housing Project 2021 – 2030: Expectations for positive changes in the next stage

Update on monetary market in Sep 2024

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