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ACV – Strong fundamentals underscored by 1H18 results – Update

Company Note 07/08/2018    175

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  • 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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