Analyst Pin-board ACV - AGM note: Timing to reopen international markets remains uncertain. Review of FY20 forecasts pending.
We attended ACV’s 2020 AGM last Friday in which all the proposals submitted were approved owing to the agreement of a distinct majority of shareholders including the Commission for the Management of State Capital at Enterprises (CMSC), representing 95.4% of total shares outstanding. In the AGM, ACV shared a more negative view on the FY20 outlook compared to our previous forecast in May as the second wave of covid-19 hits many key international markets. As such, we are reviewing FY20 financial forecasts as well as the target price (current TP of VND 65,000).
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