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

Report

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.

See profile

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.”

See profile

Analysts

Tung Do

Other Reports on these Companies

Viet Dragon Securities

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

The international passenger volume (+112% YoY) continues to support core revenue growth (+29% YoY). ACV had to set aside nearly VND 700 billion in provisions for overdue receivables, in which VND 465 billion for Bamboo Airways’ and VND 155 billion for VJC’s, causing EBIT to only grow by 11% YoY. The depreciation of JPY/VND exchange rate during the period helped ACV record VND 480 billion in unrealized exchange rate gains, nearly unchanged vs same period last year, thus not providing much support to NPAT growth (+14% YoY). Accumulated 9M-2023 revenue and NPAT (excluding gains from the Stat...

November 6, 2023 November 6, 2023 7 EN

Viet Dragon Securities

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

ACV, among other aviation stocks, has been off investors’ radar since the pandemic outbreak mostly due to its unjustified valuation. However, the international market is on its trajectory to get back to the pre-covid level over the next two years, driving stronger core earnings growth and bringing ACV’s valuation to the level that makes more sense for investment. Current 2023F/24F EV/EBITDA of 14.4x/12.8x respectively presents a 19%/28% discount to the pre-covid (2017-2019) mean level of 17.7x while we project that ACV’s core NPAT will recover to 2019 level in this year, before surpassing 2019...

June 16, 2023 June 16, 2023 12 EN

Viet Dragon Securities

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 touris...

May 17, 2023 May 17, 2023 8 EN

Out of breath

• Market is facing resistance and potential risks of a correction after a prolonged upward trend over several sessions. • It is expected that the market will retreat to the MA(20) range, around 1,238 points, or possibly below this level to reassess supply and demand.

November 28, 2024 November 28, 2024 7 EN

Giao Nguyen

Giao Nguyen

DPR – Rubber segment is the key driver for 2025

• In October 2024, DPR recorded a total rubber exploitation output of 1,600 tons, the selling price reached VND 50 million per ton. Accumulated in the first 10 months of 2024, total rubber production was set at 8,854 tons (-2.57% YoY) with purchasing volume decreasing over the same period, only reaching 624 tons (-30.8%), the main reason may come from the shortage of rubber supply from smallholders. • In the base scenario, we estimate DPR's revenue and profit after profit in 2024 to reach VND 1,075 billion (+3.2% YoY) and VND 272 billion (38.1% YoY), respectively, of which revenue from the ru...

November 28, 2024 November 28, 2024 5 EN

Phuong Nguyen

Phuong Nguyen

Low liquidity

• Despite cautious cash flow, market still closed above the 1,240-point threshold. • It is expected that the market will continue to fluctuate around the current point in the near future before clearer supply and demand signals emerge.

November 27, 2024 November 27, 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

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

Out of breath

DPR – Rubber segment is the key driver for 2025

Low liquidity

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