Analyst Pin-board ACV – Draft proposal of Ministry of Transport on assignment of management, use and exploitation State-owned aviation infrastructure assets
The stock price of ACV (UpCom) plummeted in today's trading session (-9.6% DoD) and was the second consecutive decline, more than 12%, of this stock after the media mentioned Ministry of Transport’s proposal to the Prime Minister to approve the Project on assignment of management, use and exploitation of State-owned aviation infrastructure assets. In particular, the proposal to re-nationalize ACV stated in the proposal may cause investors to react negatively, due to changes in expectations about the State's divestment schedule at ACV as well as the will to implement the plan to list on HOSE of ACV, which have been the main catalysts for stock price. At present, this proposal is subject to PM’s approval, which will likely be announced in the remaining months of 2019. However, we think this proposal is difficult to implement due to lack of a clear mechanism, and especially when ACV's current share price is nearly 5 times higher than the average IPO price. We will update our recommendation and valuation after the formal decision of the PM
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