VJC – Flying through the turbulence – Update

• VJC posted VND1,063bn in 2Q20 net profit (+71.2% yoy) following a VND3,103bn rise in S&LB and financial income to offset a 60.8% slump in 2Q20 revenue.
• We cut FY20F EPS forecast by 97.5% on a downward adjustment of total pax throughput volume.
• Reiterate HOLD rating with lower DCF-based target price of VND103,400.

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