ACV - Bad debt risks overshadow many growth opportunities
In the long term, ACV's growth potential will be driven by expectations of increased international passenger traffic once planned investment projects are completed. However, in the short term, ACV's financial performance could come under pressure as customers’ bad debts continue to rise in 1H2024, and the appreciation of the JPY leads to higher provisioning and financing costs in 2H2024. Using the 15-year FCFF method, we set a target price for ACV at VND 113,400 per share, which corresponds to an expected return of 0% based on the closing price as of October 11, 2024. We recommend ACCUMULATE for ACV
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