Analyst Pin-board HVN - The Plan of Substantial Net Loss Poses a High Delisting Risk
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· HVN sets a 2022 guidance for parent company with revenue of VND 45.2 trillion (+147% YoY), on the back of strong recovery of passenger volume, and net loss of VND -9,335 bn (slightly improve vs 2021 net loss of VND –12,907 bn) due to concern over high fuel costs. · Restructuring plan for the 2021-25 period was introduced and will be submitted to competent authorities for approval. Key solutions in the plan are restructuring assets (fleet, investments in subsidiaries) and raising charter capital over 2022-25 period. · The likelihood of being delisted from HOSE is high if HVN continues to incur losses in 2022, which leads to three consecutive years of losses. |
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