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VJC – Eye on aircraft delivery timeline – Update

Company Note 07/10/2019    264

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  • 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.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND137,600

VND142,200

2.2%

HOLD

AVIATION

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