ACV – Revenue and profit maintain growth momentum thanks to international tourism demand
• In Q1-FY25, NPAT reached VND 2,716 billion (+5% YoY), in line with our forecast (estimated NPAT for Q1-FY25 was VND 2,560 billion), representing 26% of our full-year projection.• We maintain a positive outlook on ACV’s growth potential in 2025. For 2025, projected passenger volumes are 46 million for international (+9% YoY) and 76 million for domestic (+6% YoY). Revenue and NPAT are expected to reach VND 24,626 billion (+9% YoY) and VND 10,472 billion (+3% YoY), respectively.
• Despite a recent resurgence of COVID-19 in parts of Southeast Asia and China, most cases are mild and the situation remains under control. Nevertheless, this poses a potential risk to international passenger volumes and must be closely monitored.
• The market price largely reflects its current growth outlook. We maintain an ACCUMULATE recommendation with a target price of VND 113,200 per share, implying an expected return of 15%.
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