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AIRPORTS CORPORATION of VIETNAM November 30, 2015

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AIRPORTS CORPORATION of VIETNAM November 30, 2015 AIRPORTS CORPORATION OF VIETNAM November 30, 2015 PRE-IPO NOTE Transaction summary: Airports Corporation of Vietnam Auction time 8:30 AM December 10, 2015 Number of offering shares 77,804,122 (ACV) is offering 77,804,122 shares, or 3.47 percent, for public Initial price (VND/share) 11,800 auction at an initial price of VND11,800 per share on Proposed charter capital VND22,431 bn December 10, 2015. The shares will trade OTC. No plan has Market capital (at initial price) VND26,469 bn been announced for listing on an exchange. Planned ownership structure Strong growth of Vietnam’s aviation market: According State-owned 75.00% to IATA, Vietnam will see fast industry growth during 2015- Strategic investor* 20.00% Employees, Union 1.53% 2034 for the following reasons: 1) Vietnam’s economy has Public 3.47% recovered, and income per capita is increasing rapidly; 2) (*) Strategic investor has not yet been identified. Membership of ASEAN, APEC, WTO, and TPP will foster the 2011-14 2016F 2016-2020 process of liberalizing air transport policy in Vietnam; and 3) CAGR (VNDbn) CAGR* The development of low-cost carriers in Vietnam is promoting Parent company the growth of the aviation industry. IATA also forecasts that Net revenues 15.2% 9,351 2.9% Net income 44.0% 1,203 12.4% the Vietnamese air passenger market will surge from 33rd Forecast by ACV. (Note: Management has not largest in 2014 to ninth by 2034. published any estimates for 2015.) Monopoly position: ACV alone operates and manages all 22 Consolidated airports in Vietnam, allowing the company to benefit from Net revenues 14.6% n/a n/a Net income 42.1% n/a n/a strong growth in Vietnam’s aviation market in the long-term. Regional LTM ACV** VNI Huge capital expenditure affecting profit for the next peers several years: ACV plans to engage in many projects with P/E 10.6x 18.3x 11.4x P/B 1.3x 1.7x 1.8x significant capital requirements over the next several years. Debt/Equity 60.6% 36.2% 109.3% These projects will be funded by sources such as the State Net margin 23.8% 28.4% 11.2% budget, ODA capital, and new issuances. Fluctuations in ROE 13.3% 13.3% 15.9% interest rates, FX movements, and depreciation expenses may ROA 6.4% 8.5% 2.8% burden the company’s earnings. (**) At initial price Profitability is lower than regional peers: Though ACV’s Company description: net profit margin is comparable to its regional peers, most of The predecessor of Airports Corporation of Vietnam the company’s net profit comes from financial income which (ACV) was the Civil Aviation Administration of Vietnam, which was established in 1976. ACV was incorporated fluctuates significantly. Indeed, ACV has a lower EBITDA following a merger of the Northern, Central, and margin than its peers. However, we believe the company’s Southern Airports Corporations in 2012. ACV is the sole profit margin will improve with the restructure after IPO, and operator and manager of all 22 airports in Vietnam. the impressive prospects of Vietnam’s aviation market. Business activities: Aeronautical business (80 percent of net revenues of parent company); non-aeronautical Initial price appears to be under-valued, but business (12 percent); retail (eight percent). fluctuations in net financial income are a concern: 2014 consolidated results: Net revenue: VND10,555 billion (USD469 million); Net income: VND2,510 billion (USD112 ACV’s P/E, P/B and EV/EBITDA appear to be slightly lower than million); Total assets: VND43,692 billion (USD1,941 its regional peers, indicating ACV’s stock is under-valued at million); Total equity: VND20,662 billion (USD1,007 the initial price of VND11,800 per share. However, investors million). should consider the fluctuations in net financial income, which 1H2015 results of parent company: Net revenue: VND5,173 billion (USD230 million); Net income: VND533 have contributed a significant proportion of net profit in the billion (USD23.7 million). past, but are not guaranteed going forward. Please see important disclosure information at the end of this report www.VPBS.com.vn Page | 1 CONTENTS COMPANY OVERVIEW ............................................................................................................................................................ 3 History ....................................................................................................................................................................................... 3 Subsidiaries and associates .................................................................................................................................................... 3 Business activities .................................................................................................................................................................... 3 Capacity ..................................................................................................................................................................................... 5 Strategy after equitization ....................................................................................................................................................... 5 Information related to the offering ......................................................................................................................................... 7 FINANCIAL PERFORMANCE ................................................................................................................................................... 8 Growth and profitability .......................................................................................................................................................... 8 Asset structure .......................................................................................................................................................................... 9 Liquidity and solvency ........................................................................................................................................................... 10 Business plan .......................................................................................................................................................................... 10 VALUATION ............................................................................................................................................................................ 11 FINANCIAL STATEMENTS .................................................................................................................................................... 12 www.VPBS.com.vn Page | 2 COMPANY OVERVIEW History The predecessor of Airports Corporation of Vietnam (ACV) was the Civil Aviation Administration of Vietnam, which was established on November 11, 1976. On April 2, 1993, the Northern, Central, and Southern Regional Airport Authorities were established under the management of the Civil Aviation Administration. These authorities were converted to State-owned companies on December 12, 1998, and on February 8, 2012 were merged to form ACV. Milestones 1976 Civil Aviation Administration of Vietnam was established. 1993 Northern, Central, and Southern Regional Airport Authorities were established Northern, Central, and Southern Regional Airport Authorities were converted to State- 1998 owned companies 2012 ACV was established 2015 IPO to be conducted on December 10, 2015. Source: ACV Subsidiaries and associates As of June 30, 2015, ACV had a total of four subsidiaries and five associates. The The subsidiaries contribute 25 percent of the subsidiaries are as follows: corporation’s net revenues, most of which are from Southern Airports Service JSC (SASCO): registered capital of VND1,315 billion retail. (USD58.4 million) of which ACV owns 51 percent. Main business is commercial services in airports, with 2014 net revenues of VND2,040 billion (USD90.7 million). Saigon Ground Service JSC (SAGS): registered capital of VND141 billion (USD6.3 million) of which ACV owns 55.51 percent. Main business is ground services, with 2014 total revenues of VND473 billion (USD21 million). Noi Bai Aviation Fuel Service JSC (NAFSC): registered capital of VND100 billion (USD4.4 million) of which ACV owns 60 percent. Main business is aviation fuel; the company has officially operated since January 2015. Cam Ranh Aviation Commercial JSC: registered capital is VND10 billion (USD0.4 million) of which ACV owns 51 percent. Main business is commercial services in airports. ACV divested capital in this company in July 2015. Business activities Aeronautical business makes ACV operates under a parent-subsidiary model. The parent company is the sole up about 80 percent of net manager and operator of all 22 civil airports in Vietnam, including seven international revenues of the parent company. airports and 15 domestic airports. The main business activities of ACV include: 1) Aeronautical business (80 percent of net revenues of the parent company): passenger, landing, ground handling, and airport security charges. 2) Non-aeronautical business (12 percent of net revenues of the parent company): leasing of space, parking charges, advertising, office rentals, and first-class and VIP lounges. 3) Retail (eight percent of net revenues of the parent company): restaurants, electricity, water, and sales of local commodities, souvenirs, and duty-free goods. www.VPBS.com.vn Page | 3 Parent company contributes The parent company contributes 75.5 percent of ACV’s net revenues and creates 93.2 76 percent of ACV’s
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