ACV – Opportunities emerge – Update

• ACV’s 1Q20 net revenue/net profit dropped 18.3%/22.3% yoy due to the sharp fall in passenger traffic.
• ACV has been assigned the investor of Tan Son Nhat Airport’s (TIA) new terminal which is slated to begin construction in 2021F
• Reiterate Add with a lower TP of VND82,900.

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