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ACV – Core business operations improved but profit declined due to FX impact

• In Q2-FY25, ACV’s revenue maintained double-digit growth, reaching VND 5,563 billion (+14% YoY), driven by continued strong growth in both international and domestic passenger volumes. International passenger traffic reached 11 million (+12% YoY), while domestic passenger traffic reached 19 million (+12% YoY).
• Financial activities recorded an unrealized FX loss of VND 708 billion (compared with a gain of VND 435 billion in the SPLY). The JPY appreciated by approximately 8% QoQ, which was the primary factor behind ACV’s sharp decline in NPATMI, which stood at VND 2,232 billion (-23% YoY).
• We maintain our full-year 2025 forecast, with ACV’s international passenger volume projected at 45.5 million (+9% YoY) and domestic passenger volume at 72 million (+5% YoY). Passenger growth momentum will continue to support earnings, with revenue projected at VND 21,100 billion (+7% YoY) and NPAT at VND 10,300 billion (+13% YoY). Our target price for ACV is set at VND 60,800 per share, implying a potential return of 9% against the closing price as of October 2, 2025. We reiterate our ACCUMULATE rating.