ACV – Strong fundamentals underscored by 1H18 results – Update
- ACV reported a 2Q18 pre-tax profit growth of 49.3% yoy. After removing a one-off FX gain, 1H18 core net profit was broadly in line at 48.9% of our full-year forecast.
- 1H18 traffic growth slowed vs. 1H17 but was still in line with our expectations.
- We maintain our Add rating with a TP of VND112,000, implying a 31.8% upside.
|
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
|
|
VND85,000
|
VND112,000
|
1.18%
|
ADD
|
AIRPORTS
|
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