reports
- Tung Do
ACV – Q3-2023 Result Update: Provisioning for Receivables from Local A...
The international passenger volume (+112% YoY) continues to support core revenue growth (+29% YoY). ACV had to set aside nearly VND 700 billion in provisions for overdue receivables, in which VND 465 billion for Bamboo Airways’ and VND 155 billion for VJC’s, causing EBIT to only grow by 11% YoY. The depreciation of JPY/VND exchange rate during the period helped ACV record VND 480 billion in unrealized exchange rate gains, nearly unchanged vs same period last year, thus not providing much sup...
- Tung Do
Result Update Report: ACV - Sweet Spot of Earnings Growth Is Insight
ACV, among other aviation stocks, has been off investors’ radar since the pandemic outbreak mostly due to its unjustified valuation. However, the international market is on its trajectory to get back to the pre-covid level over the next two years, driving stronger core earnings growth and bringing ACV’s valuation to the level that makes more sense for investment. Current 2023F/24F EV/EBITDA of 14.4x/12.8x respectively presents a 19%/28% discount to the pre-covid (2017-2019) mean level of 17.7x w...
- Tung Do
ACV – Q1 results and 2023 AGM update: International passenger volume...
Revenue jumped by 124% YoY, which was higher than the growth of total passenger volume (72% YoY) due to a sharp increase in international arrivals volume of 1471% YoY from the low base of the same period in 2022. NPAT grew at a slower rate of 87% YoY as (1) ACV recorded an exchange rate loss of VND 775 billion in the period while Q1-2022 recorded an exchange rate gain of VND 268 billion due to the appreciation of JPY and (2) SG&A expenses increased by 156% YoY. For 2023, ACV's core EBIT grow...
- Tung Do
ACV – Q4-2022 Business Results Update: Lower Financial Income And Sur...
Q4-2022 Revenue remains resilient compared to the last quarter despite lower passenger volume (25mn vs 30mn) owing to higher international passenger volume (5.3mn vs 4.1mn), staying at VND 4.1 trillion (or USD 174mn, +328% YoY). Q4-2022 NPAT was down 46% QoQ, coming at VND 1.3 trillion (or USD 54mn, +289% YoY), due to lesser financial income (JPY appreciated) and abrupt surge of provision expenses for doubtful receivables from airlines. 2022 Net sales and NPAT respectively posted VND 13,834 ...
- Tung Do
Analyst Pin-board ACV – Q3-2022 Business Results Update: Maintaining ...
Total passenger volume recorded the all-time high at 30 million in Q3-2022 (international: 4 million, domestic: 26 million) and up 8% compared to Q2-2022. Core net revenue (excluding landing/take-off revenue) reached VND3,605 billion, up 24% QoQ and 21% lower than the same period in 2019 (pre-covid level). Meanwhile, core EBIT (excluding landing/take-off profit) recorded VND 1,697 billion, up 74% QoQ and also about 20% lower than Q3-2019. Accumulated 9M-2022, ACV posted revenue of VN...
- Tung Do
Analyst Pin-board ACV – Q3-2022 Business Results Update: Maintaining ...
Total passenger volume recorded the all-time high at 30 million in Q3-2022 (international: 4 million, domestic: 26 million) and up 8% compared to Q2-2022. Core net revenue (excluding landing/take-off revenue) reached VND3,605 billion, up 24% QoQ and 21% lower than the same period in 2019 (pre-covid level). Meanwhile, core EBIT (excluding landing/take-off profit) recorded VND 1,697 billion, up 74% QoQ and also about 20% lower than Q3-2019. Accumulated 9M-2022, ACV posted revenue of VN...
- Lam Nguyen
- Tung Do
Vietnam Strategy: July – Short-term opportunities arise amid earnings ...
Industries (and their sub-sectors) with good Q2 2022 profit growth prospects such as Consumer Goods (Fishery, F&B), Consumer Services (Retail), IT, Utilities (Electricity, Water), Materials (Chemical), Industry (Logistics) continued to witness improved liquidity and were relatively safe havens in June. This reaffirms our expectation of a deep divergence of money flow in the market. Although the positive price trend of stocks in the above-mentioned sectors may continue until Q2 earnings are re...
- Son Tran
Analyst Pin-board ACV – Domestic pax volume rapidly returned to near a...
· Longer consecutive holidays amid no travel restrictions have driven domestic air pax volume to near all-time high, reaching 8.5 mn in May 2022. Accumulated 5M-2022 domestic volume amounted to 31.4 mn pax, up by 23% YoY. · Following a full international sky reopening in mid-March, international air pax volume started to pick up in Apr. Accumulated 5M-2022 international volume was more than 7.5x higher YoY, reaching 1.5mn pax. · Civil aviation authority of Vietn...
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