ACV – Update – 20180514

• 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.

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