ACV - The Worst Is Yet To Come
While 2020 earnings will be unprecedentedly low due to the pandemic, 2021 profit growth rate is expected to be robust on the back of upcoming resumptions of international flights. Looking further, as the sole operator of 21 airports in Vietnam, ACV will be the main beneficiary of Vietnam's aviation and tourism industry in the long term.
The target price is set at VND 65,000 / share, revised down 23% from the previous target price in the 2020 Strategy Report as we factor in negative effects of COVID-19 on the group’s business operation. ACV stock price has recovered more than 39% since the bottom set in late March 2020 following the positive progress of disease control in Vietnam together with the lift of domestic flights’ frequency limits. However, we believe the share price is likely to correct as results of 2Q 2020 are going to be announced. This will bring a good opportunity to ACCUMULATE the stock
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.
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