VJC – Eye on aircraft delivery timeline – Update

• VJC reported unexciting 1H19 results due in part to delayed aircraft delivery.
• Core business growth cooled down due to slow fleet expansion.
• We believe the slow fleet expansion cannot be resolved in near term.
• We expect an improvement in 2H19F and a brighter outlook in FY20F.
• Reiterate HOLD with TP of VND142,200/share.

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