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ACV – Update – 20180514

Company Note 14/05/2018    153

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  • In 1Q2018, ACV’s revenue rose by 10.0% yoy while gross profit rose by a spectacular 55.5% yoy thanks to lower depreciation and maintenance expenses compared to 1Q2017. At ACV’s AGM at the end of April, management guided for 2018 passenger traffic growth of 8% which is highly achievable in our opinion.
  • We maintain our TP and reiterate our ADD rating for the stock.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND89,500

VND106,000

0.65%

ADD

INDUSTRIALS

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