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VJC – Update – 20180326

Company Note 26/03/2018    143

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  • FY17 was a successful year for VJC despite slower than expected fleet growth in 4Q2017. But higher fares due to fuel price pass-through could crimp growth in future years. We increase our target price but maintain our HOLD rating as VJC is already trading at a substantial premium to peers.
  • We expect 2018 transport revenue to reach VND21,335bn (+25.5%) due to 1) 18.3% passenger volume growth and 2) 6% passenger yield growth as VJC could still pass on incremental fuel costs to passengers.
  • We increase our target price by 26.5% as the company achieved superior FY17 business performance compared to peers.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND208,400

VND183,400

0.5%

HOLD

AVIATION

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