Airport Corporation of Vietnam (ACV: UPCOM)

Total Page:16

File Type:pdf, Size:1020Kb

Airport Corporation of Vietnam (ACV: UPCOM) Airport Corporation of Vietnam (ACV: UPCOM) PRELISTING REPORT Mai Anh Dinh [email protected] BUY - 1Y Target Price: VND 37,700 Kim Nguyen LISTING INFORMATION [email protected] +84 8 3824 2897 ext. 2140 ACV will list on UPCOM on 21st November, 2016 with the reference price of VND 25,000/share. The parent company IPO-ed in December 2015 with 77.8 18 November 2016 mn shares offered to the public, equivalent to 3.5% of total shares. Average winning price was VND14,344/share (see our IPO report). INDUSTRIALS - VIETNAM List of subsidiaries Key Figures Charter cap (USD mn) 96.5 Investment in % Name of Subsidiaries Core business Charter cap (VND bn) 21,.711 subsidiaries(VND bn) Stake Outstanding shares (mn) 2,177 Southern Airport Commercial 671 51.00% Management ownership (%) N.A Services JSC Service in airport Saigon Ground Service Ground service in State ownership (%) 95.4% 78 55.51% JSC airport Foreign ownership (%) 2.93% Noi Bai Aviation Fuel 66 60.00% Aviation Fuel Service JSC(NAFCO) Company Factsheet 13A 14A 15A Source: ACV (as at 30 September 2016) Revenue (USD, mn) 452 493 585 Net profit (USD, mn) 109 123 78 According to the privatization plan of the Government, ACV divested from Cam Total equity (USD, mn) 808 957 915 Ranh Aviation Commercial JSC in 2015 (from 51% ownership to 10%). The Total assets (USD, mn) 1,641 2,045 1,990 company continued to divest from the ownership of 55.5% in Saigon Ground th Net debt (USD, mn) 302 403 398 Service JSC (SGN: UPCOM) to 48% between 02-07 November 2016, making ROA (%) 7.1 6.7 4 it no longer a subsidiary and may record roughly VND 150bn in income from ROE (%) 14.4 14 8.5 the divestment in 4Q16 . SGN contributed roughly 5% and 5% to ACV’s revenue and net profit in 2015, respectively. Source: ACV SSI.COM.VN Visit SSI Research on Bloomberg at SSIV<GO> Page 1 Ownership structure 2.93% 0.34% 0.14% 1.18% Ministry of Transportation (MoT) ACV's Trade Union Foreign Institutions Local Institution Individual Investors 95.40% Source: ACV( as at 31 December 2015) In the privatization plan, ACV plans to sell a 20% stake to a strategic partner. 7% was sold to Aeroport de Paris (AdP) at the beginning of 2016. ACV and AdP is still negotiating on the remaining 13%. According to the updated regulation on SOE privatization, the State ownership in ACV will reduce from 75% to 65% in the coming time, detailed divestment plan is still not disclosed. Estimated free float is 4.6% BUSINESS UPDATE 1. Airport expansion plan ACV owns 22 airports in Vietnam. In 2015, overcapacity was mainly experienced at Tan Son Nhat International Airport (TSN) with 133%, reaching 26.5 mn passengers through terminals with designed capacity of 20 mn passengers per year, followed by Da Nang Airport with 6.7mn passengers, reaching 112% utilization in 2015. Noi Bai International Airport with 17.2 mn passengers achieved 69% of utilization thanks to the new Noi Bai Terminal 2 (commenced operation from the end of 2014). Amid overcapacity at TSN, ACV expanded the international terminal, increasing capacity by 25% and commenced operation from November 2016. This enables the airport to receive 25 mn passengers per year. Nevertheless, ACV expects that TSN may achieve more than 30 mn passengers in 2016, surpassing 20% of designed capacity. As the new Long Thanh Airport may not be ready until 2025, the Ministry of Transportation (MoT) recently guided for a plan of expanding TSN by another 60% in 2018 and 100% in 2020 in order to ease the bottleneck. Further detailed information is still not announced. SSI.COM.VN Visit SSI Research on Bloomberg at SSIV<GO> Page 2 In 9M16, ACV commenced operation on expansion projects of Tho Xuan Airport by 2x to 1.2mn passengers/year (Thanh Hoa province), Cat Bi International Airport by 4.6x to 4mn passengers/year (Hai Phong City) and Cam Ranh Airport (Nha Trang city) with total CAPEX of VND 4,433bn (including TSN and Phu Quoc International Airport). Long Thanh International Airport project has no new development since our IPO report. 2. Company’s business plan 2016 Consolidated business plan 2016P 2015 %YoY Net sales (VND bn) 14,860 13,173 +12.8% PBT (VND bn) 2,388 2,277 +4.8% PBT Margin 17% 17.3% -0.3% PBT/Charter capital 9.44% - - Dividend 5% - - ACV, SAS, SGN, NAFCO, SSI Research 3. 2015 and 3Q16 business updates Historical business performance Net sales EBITDA PBT Sales growth GPM EBITDA margin PBT growth PBT margin 14,000 100.0% 12,000 80.0% 10,000 60.0% 8,000 40.0% 6,000 20.0% VND bn VND 4,000 0.0% 2,000 -20.0% 0 -40.0% 2011 2012 2013 2014 2015 Source: ACV In the past 4 years, EBITDA grew at a 33% CAGR, driven by (1) average passenger growth of 25% per annum (2) establishment of Vietjet Air, a low cost carrier in 2012, and (3) Noi Bai Terminal 2 commenced operation at the end of 2014, increasing both passenger capacity and commercial area in 2015. SSI.COM.VN Visit SSI Research on Bloomberg at SSIV<GO> Page 3 Historical passenger through terminal Historical Cargo volume Passenger Growth Freight Growth 70 40% 1200 35% 35% 60 1000 30% 30% 50 25% 800 25% 40 20% 20% 600 30 15% 15% 400 20 tons Thousand 10% Mn Passengers Mn 10% 200 10 5% 5% - 0% 0 0% Source: ACV, Civil Aviation Authority of Vietnam(CAAV) 3Q16 business update In 3Q16, ACV reported VND 4,060bn in net revenue (+5% QoQ) and VND 804bn in net income (vs a loss of VND 16bn in 2Q16). The company recorded VND 267bn in FX loss due to 1.9% appreciation of JPY against VND on JPY dominated ODA loan of JPY72 bn (~USD 713mn as at 30 September 2016) (vs a loss of VND 1,379 bn amid 9.5% appreciation of JPY against VND in 2Q16). If excluding FX effects, 3Q16 PBT would decline by 9.6% QoQ. Accumulatively, for 2 quarters from 04 April 2016 to 30 September 2016, net revenue achieved VND 7,919bn, completing 53.3% of 2016 target and PBT achieved VND 968bn, completing 40.5% of 2016 target. In total, ACV recorded a significant FX loss of VND 1,646bn (vs a loss of VND 705bn for entire 2015). ACV only announced 2016 quarterly business results without 2015 figures; therefore, we are lack of absolute numbers for YoY comparison. We believe that the actual YoY growth of 2016 revenue is encouraging thanks to increasing passengers, cargo and commercial flight growth reported in 9M16. In 9M16, total passengers through ACV’s terminals reached 70.5mn, increasing 29.6% YoY and completing 80% of 2016 target. 2 largest airports totaled roughly 55mn passengers, equivalent to 78% of total passenger traffic. International passengers reached 17.5 mn, increasing 25.2% YoY and domestic passengers recorded 43mn, up 31.5% YoY. Cargo and parcels totaled 765.7 mn tons, increasing 6.9% YoY (~ 69.4% 2016 target). Commercial flights were 417.8K flights, up 25.9% YoY (~79% of 2016 target). GPM of international business is higher than domestic one thanks to higher charging fees of roughly 2.5x-6.4x. SSI.COM.VN Visit SSI Research on Bloomberg at SSIV<GO> Page 4 OUTLOOK 22% passenger capacity addition plan by 2020 According to IPO plans, ACV planned to increase total designed capacity by 22%, receiving 90.8 mn passengers by 2020. Especially, because TSN and Noi Bai International Airport contribute roughly 50% to ACV’s total revenue, expansion of TSN as above mentioned and the new Terminal 2 in Noi Bai Airport Airport will enable ACV to enjoy clear earnings growth driven not only by passenger growth but also non- aeronautical revenue growth over the next 5 years. Possible increases in domestic aeronautical charge from 01 January 2017 In August 2016, ACV coupled with Civil Aviation Authority of Vietnam CAAV proposed to the MoT to increase domestic passenger charge at 7 airports including TSN, Noi Bai, Da Nang, Cam Ranh, Phu Quoc, Vinh and Phu Bai Airport since 01 January 2017. Specifically, domestic passenger charge may increase by 43% (from VND 70K/pax to VND 100K/pax) and domestic landing charge may increase by 43% and equivalent to 50% of international flights. In 2015, total passengers of those 7 airports accounted for 90% of total passengers, and domestic passenger charges accounted for roughly 40% of net revenue. According to ACV, this may be approved by the MoT as CAPEX for international terminals and airports are similar to domestic ones yet current domestic charging fee is lower by roughly 2.5x-6.4x compared with international ones. This will help improve GPM of domestic segment of ACV, which enjoy higher growth rate than the international segment. Vietnam is ranked as the 5th fastest growing market in terms of additional passengers per year and the 7th fastest growing industry in percentage terms from 2016-2035 by the International Air Transport Association (IATA). According to the most updated forecast by IATA, forecasted passenger numbers of world aviation is expected to reach 7.2 billion in 2035 with a 3.7% annual CAGR, roughly doubling the 3.8 bn air travelers in 2016. IATA also projects overall Vietnam aviation will continue to grow at an annual rate of 7.3%, being the 7th fastest growing market in terms of percentage.
Recommended publications
  • Bank for Investment and Development of Vietnam Securities Joint Stock Company Airport Corporation of Vietnam (ACV)
    Bank for Investment and Development of Vietnam Securities Joint Stock Company Transportation services – ICB 2777 COMPANY RESEARCH REPORT th November, 16 , 2016 Airport Corporation of Vietnam (ACV) ACV – FLY HIGH We recommend STRONG BUY for ACV with target prices based on FCFF and EV/EBITDA at VND 26,386 and VND 37,223 per share, respectively. Listed price of ACV is VND 25,000 per share equivalent to EV/EBITDA of 6.75x, much lower than median of aviation firms in region and growth potential of ACV. Revenue is expected to grow at the rate of 11% per annum, net income at the rate of 36%, reaching VND 2,221 billion in 2016 and VND 8,013 billion NGHỊ Đ in 2020. Listing information ACV manages and operates all 22 civil airports in Vietnam. ACV has a total Listed price 25,000 design capacity of 77.51 million passengers, served 63.12 million passenger Listing date 21/11/2016 in 2015. For more detail please refer to 2015 ACV report. Number of Huge revenue, efficient operation, sustainable growth. Consolidated shares (mil.) 2,177 revenue reached VND 13,173 billion in 2015, CAGR of 18% from 2012 – Freefloat 4.6% 2015. Operating margin doubled from 14% in 2015 to 28% in 6 months from Price based on 1/4/2016 – 30/09/2016. Both revenue and profit margin of ACV are DCF 26,386 expected to improve due to high growth of output. EV/EBITDA 37,223 Sound financial situation. Strong cash flow potential stems from annual high depreciation. ACV has abundant cash equivalent to VND 17 trillion in Q3 2016, equal to an investment cost for a medium airport.
    [Show full text]
  • Transportation
    VIETNAM 1 TRANSPORTATION Travelling to and in Vietnam is quite convenient. There are several means of transport to choose from depending on the budget and time. AIR If you intend to visit only a few cities in Vietnam and do not want to spend too much time on trasporting between different destinations, flying is the most convenient way to travel. Vietnam Airlines operates on domestic routes and flies to places like Phu Quoc Island and Rach Gia that are difficult to reach by other means. Domestic air travel is time saving especially for long distance. There are 16 domestic airports in Vietnam servicing air passengers. They are located in: Hai Phong (Cat Bi Airport) Dien Bien (Dien Bien Phu Airport) Thanh Hoa (Tho Xuan Airport) Nghe An (Vinh Airport) Quang Binh (Dong Hoi Airport) Hue (Phu Bai Airport) Quang Nam (Chu Lai Airport) Binh Dinh (Phu Cat Airport) Phu Yen (Tuy Hoa Airport) Daklak (Buon Me Thuot Airport) Lam Dong(Lien Khuong Airport) Gia Lai (Pleiku Airport) Vung Tau (Con Dao Airport) Can Tho (Can Tho Airport) Kien Giang (Rach Gia Airport) Ca Mau (Ca Mau Airport). There are direct flights on Vietnam Airlines to Hue, Danang, Dalat, Nha Trang, Dien Bien Phu, Phu Quoc, Quy Nhon, Pleiku and Saigon. To connect the two major cities like Hanoi and Saigon, Vietnam Airlines run more than 20 flights per day. There are five international airports welcoming tourists to Vietnam. These are Noi Bai International Airport in Hanoi, Danang International Airport in Danang, Tan Son Nhat International Airport in Saigon, Cam Ranh International Airport in Khanh Hoa and Phu Quoc International Airport in Kien Giang.
    [Show full text]
  • AIRPORTS CORPORATION of VIETNAM (Incorporated in the Socialist Republic of Vietnam)
    AIRPORTS CORPORATION OF VIETNAM (Incorporated in the Socialist Republic of Vietnam) AUDITED SEPARATE FINANCIAL STATEMENTS For the year ended 31 December 2018 AIRPORTS CORPOR.A,TION OF' VIETNAM 58 Truong Son, Ward 02, Tan Binh District Ho Chi Minh City, Vietnam TABLE OF CONTENTS CONTENTS PAGE(S) STATEMENT OF THE BOARD OF EXECUTIVE OFFICERS 1-2 INDEPENDENT AUDITORS' REPORT 3-4 SEPARATE BALANCE SHEET 5-6 SEPARATE INCOME STATEMENT 7 SEPARATE CASH FLOW STATEMENT 8-9 NOTES TO THE SEPARATE FINANCIAL STATEMENTS 10-58 AIRPORTS CORPORATION OF YIETNAM 58 Truong Son, Ward 02, Tan Binh District Ho Chi Minh City, Vietnam STATEMENT OF THE BOARD OF EXECUTIVE OFFICERS The Board of Executive Officers of Airports Corporation of Vietnam (the "Corporation") presents this report together with the Corporation's separate financial statements for the year ended31December20l8. THE BOARDS OF DIRECTORS, SUPERVISORS AND EXECUTIVE OFFICERS The members of the Boards of Directors and Executive Officers of the Corporation who held the Corporation during the year and to the date of this report are as follows: Board of Directors Mr. Lai Xuan Thanh President Mr. Vu The Phiet Member (appointed on 24 July 2018) Mr. Le Manh Hung Member (resigned on 24 July 2018) Mr. Dao Viet Dung Member Ms. Le Thi Dieu Thuy Member Board of Supetttioots Ms. Huynh Thi Dieu Head ofBoard of Supervisors Ms. Le Thi Huong Giang Member Mr. Nguyen Huu Phuc Member (appointed on 4 May 2018) Ms. Hoang Thi Thanh Member (resigned on 4 May 2018) Board of Executive Officers Mr. Vu The Phiet Chief Executive Officer (appointed on 10 August 2018) Mr.
    [Show full text]
  • L. Airports Corporation of Yietnam
    EL L. AIRPORTS CORPORATION OF YIETNAM (Ircorporated in the Socialist Reptblic of Vietnam) AUDITED SEPARATE FINAI\CIAL STATEMENTS For the year ended 31 December 2019 NRPORTS CORPORATION OF VIETNAM 58 Truong Son, Ward O2,TanBinh District Ho Chi Minh City, Vietnam TABLE OF CONTENTS CONTENTS PAGE(S) STATEMENT OF THE BOARD OF EXECUTIVE OFFICERS t-2 INDEPENDENT AUDITORS' REPORT 3-4 SEPARATE BALANCE STIEET 5-6 SEPARATE INCOME STATEMENT 7 SEPARATE CASH FLOW STATEMENT 8-9 NOTES TO THE SEPARATE FINANCIAL STATEMENTS l0-58 AIRPORTS CORPORATION OF VIETNAM 58 Truong Son, Ward D2,TanBinh District Ho Chi Minh City, Vietnam STATEMENT OF THE BOARD OF EXECUTIVE OFFICERS The Board of Executive Officers of Airports Corporation of Vietnam (the "Corporation") presents this report together with the Corporation's separate financial statements for the year ended 3l December 2019. THE BOARDS OF DIRECTORS, SUPERVISORS AND EXECUTIVE OFFICERS The members of the Boards of Directors, Supervisors and Executive Officers of the Corporation who held the Corporation during the year and to the date of this report are as follows: Board of Directors Mr. Lai Xuan Thanh President Mr. Vu The Phiet Member Mr. Dao Viet Dung Member Ms. Le Thi Dieu Thuy Member Board of Supervisors Ms. Huynh Thi Dieu Head of Board of Supervisors Ms. Le Thi Huong Giang Member Mr. Nguyen Huu Phuc Member Board of Executive Officers Mr. Vu The Phiet Chief Executive Officer Mr. Do Tat Binh Deputy Chief Executive Officer Mr. Vo Anh Tu Deputy Chief Executive Officer Mr. Nguyen Duc Hung Deputy Chief Executive Officer (appointed on 15 January 2020) Mr.
    [Show full text]
  • VIETNAM Discover the Boundless Allure of the Kok Xin Land of Rising Dragon Analyst
    OCTOBER 2019 IN FOCUS: VIETNAM Discover the Boundless Allure of the Kok Xin Land of Rising Dragon Analyst Chee Hok Yean Regional President HVS.com HVS Singapore | 137 Market Street, #04-02 Grace Global Raffles, Singapore 048943 VIETNAM IN FOCUS: VIETNAM 2019| PAGE 1 VIETNAM Ten Leading Provinces QUANG NINH Capital: Ha Long UNESCO world heritage site: Ha Long Bay Famous Islands: Bai Tu Long Bay, Co To, Van Don HANOI Capital: Hanoi THUA THIEN HUE Capital: Hue UNESCO world heritage site: QUANG NAM Imperial City of Hue Capital: Tam Ky UNESCO world heritage site: Hoi An, My Son Famous Island: Cham Island DA NANG Capital: Da nang KHANH HOA Capital: Nha Trang Famous Islands: Cam Ranh BINH THUAN Bay, Nha Phu Bay, Nha Trang Bay, Van Phong Bay Capital: Phan Thiet Famous Town: Mui Ne HO CHI MINH CITY Famous Island: Capital: Ho Chi Minh Phu Quy KIEN GIANG Capital: Rach Gia Famous Island: Phu Quoc BA RIA VUNG TAU Capital: Ba Ria Largest City: Vung Tau Famous Island: Con Dao IN FOCUS: VIETNAM 2019 | PAGE 2 COUNTRY OVERVIEW Vietnam is a coastal country located on the In 2018, Vietnam’s real GDP grew by 7.1%, from eastern edge of the Indochina Peninsula by the 2017’s growth of 6.8%. Looking ahead, healthy Pacific Coast of the Southeast Asian Region. It domestic demand supported by strong private boasts 3,260 kilometres of coastline, which does credit growth and rapid income growth will not include the few offshore islands along its partly offset dimmer external demand coastline. The country shares border with China conditions.
    [Show full text]
  • Enjeux Du Secteur Aéroportuaire Au Vietnam
    Ambassade de France au Vietnam Hanoi, le 4 novembre 2019 Service économique de Hanoi Affaire suivie par : Le Phuong Thao et Laurent Chopiton Enjeux du secteur aéroportuaire au Vietnam Résumé : Le Vietnam a connu une croissance du trafic aérien de l’ordre de 15% par an au cours des dix dernières années et devrait continuer la forte croissance jusqu’au 2030. Moderniser et développer les infrastructures aéroportuaires devient primordial pour les autorités vietnamiennes pour anticiper la future demande et accompagner la croissance du secteur. Le schéma directeur du transport aérien révisé pour 2020 avec vision 2030 (Décision 236/QD-TTg du 23 février 2018) prévoit l’opération des 28 aéroports internationaux dont 15 domestiques et 13 internationaux en 2030. En parallèle, les 22 aéroports existants seront améliorés et/ou agrandis. Dans ce contexte, l'Etat pourrait recourir à des fonds public, à des fonds privés, à des fonds d'aide au développement ou à l'éventuelle mise en place d'un Partenariat Public Privé. Pourtant, des difficultés demeurent pour permettre la réalisation de projets sur financement privé. Le secteur de l’aviation civile et des infrastructures aéroportuaires devrait connaître une forte croissance jusqu’en 2030 Le Vietnam a connu une croissance du trafic aérien de l’ordre de 15% par an au cours des dix dernières années. Sur la période 2014-2018, le Vietnam est le 5e pays au monde pour le taux de croissance de son trafic aérien (après la Chine, les Etats-Unis, l’Inde et l’Indonésie)1, du fait de l’explosion du tourisme, de la dispersion géographique de ses pôles économiques et sites touristiques (1760 km entre Ho Chi Minh Ville et Hanoi) et de ses faibles infrastructures en routes et rails.
    [Show full text]
  • Airports Corporation of Vietnam Statements
    - I:I - AIRPORTS CORPORATION OF VIETNAM (Incorporated in the Socialist Republic of Vietnam) AUDITED SEPARATE FINANCIAL STATEMENTS r-r For the year ended 31 December 2017 I:I - - AIRPORTS CORPORATION OF VIETNAM 58 Truong Son, Ward O2,TanBinh District Ho Chi Minh City, Vietnam t:l TABLE OF CONTENTS :- CONTENTS PAGE(S) STATEMENT OF TIIE BOARD OF DGCUTTVE OFFICERS t-2 INDEPENDENT AUDITOR'S REPORT 3-4 - SEPARATE BALANCE SHEET 5-6 - SEPARATE INCOME STATEMENT 7 SEPARATE CASH FLOW STATEMENT 8-9 NOTES TO TIIE SEPARATE FINANCIAL STATEMENTS t0-60 - - AIRPORTS CORPORATION OF VIETNAM 58 Truong Son, Ward 02, Tan Binh District Ho Chi Minh City, Vietnam STATEMENT OF THE BOARD OF EXECUTTVE OFFICERS The Board of Executive Officers of Airports Corporation of Vietnam (the "Corporation") presents this report together with the Corporation's separate financial statements for the year ended 3l December 2017. THE BOARDS OF DIRECTORS, SUPERVISORS AND EXECUTM OFFICERS The members of the Boards of Directors, Supervisors and Executive Officers of the Corporation who held office during the year and to the date of this report are as follows: Board of Directors Mr. Lai Xuan Thanh President (appointed on 28 June 2017) Mr. Nguyen Nguyen Hung President (resigned on 28 June 2017) Mr. Le Manh Hung Member Mr. Dao Viet Dung Member Ms. Le Thi Dieu Thuy Member Board of Supervisors Ms. Huynh Thi Dieu Head of Board of Supervisors Ms. Le Thi Huong Giang Member Ms. Hoang Thi Thanh Member Board of Executive Officers Mr. Le Manh Hung Chief Executive Officer Mr. Dao Viet Dung Deputy Chief Executive Officer Mr.
    [Show full text]
  • New Phrase of Growth
    INDUSTRY COVERAGE 31-Jan-18 Industry AVIATION New phrase of growth Rating OVERWEIGHT Pros: . The momentum from recent booming period could keep the annual growth rate of Vietnam aviation at around 12-15% for the next 3 years with motivations from the fast- Contents growing economy, tourism and retail sectors; raising standard of living and middle- income class (IATA). 1. Overviews . Airlines of Vietnam are taking their initial steps to penetrate further regional markets after 2. Vietnam aviation industry recent years of capturing adequately the domestic one. If the expansion is successful, it 3. Performance would maintain airlines recent impressive growth rate for the next 3 years. 4. Valuation . International expansion, in one hand, can bring a substantial number of passengers and 5. Stock pick air cargo through Vietnam aviation chain and, in other hand, it could also enhance noticeably profitability of aviation companies with a higher price in aviation services. ASEAN SAM or ASEAN Open Skies Agreement is expected to be a game-changing Mr. Bao H. Vo factor for regional aviation in general, Vietnam market in specific in long-term when it could lift the current regulatory barriers of ASEAN markets if it could be ratified. (+84 28) 3914 8585 - Ext: 1460 [email protected] Cons: www.kisvn.vn . Although Vietnam market is still forecasted as the 5th fastest growing-market in the world, the growth of domestic market is slowing down in number of passengers, and it could decline to a single-digit rate beyond 2020 with a relatively high penetration rate. The competition of airlines (full-service with LCC; short haul with long haul) are expected to intensify in the foreseeable future while the South Asian markets have already been dominated by regional LCCs (AirAsia, Cebu, Indigo, etc.).
    [Show full text]
  • Stocks to Keep Rising on Investor Confidence VN Index Hits Fresh Nine
    Stock market Stocks to keep rising on investor confidence 22/May/2017 Intellasia| VNS Vietnamese stock indices are expected to remain upbeat during upcoming trading sessions thanks to strong investor confidence and a shift in investment among local stocks. On Friday, the benchmark VN Index on the HCM Stock Exchange gained 0.94 per cent to finish at 733.82 points and set a fresh nine-year high. The HNX Index on the Hanoi Stock Exchange advanced 0.78 per cent to close at 92.18 points. Compared to the previous week's closing levels, the VN Index notched up a weekly gain of 1.2 per cent and the HNX Index rose 2 per cent. Daily average trading volume fell 36 per cent week on week, with more than 173.5 million shares traded in each session, while trading value halved to VND2.87 trillion (US$127.5 million). Local stock indices are expected to continue rising this week on the return of investment flow to large- cap stocks after it had focused on speculative ones, boosting those shares over previous weeks. Last week, there was a big shift in investment from speculative stocks to large-cap stocks as investors took profits from strong gains in those speculative shares. "It's normal for investors to take profits from the speculative stocks, especially those that have made significant gains in the last one or two months," said Ngo Thế Hiển, analyst at Sai Gon-Ha Nội Securities (SHS). "A strong investment flow has boosted low-priced and speculative stocks, some of which have surged between 50 per cent and 100 per cent," Hien said.
    [Show full text]
  • Vietjet Aviation Joint Stock Company Q2/2021 Presentation Aug 2021 Disclaimer
    VietJet Aviation Joint Stock Company Q2/2021 Presentation Aug 2021 Disclaimer INFORMATION CONTAINED IN OUR PRESENTATION IS INTENDED SOLELY FOR YOUR REFERENCE. SUCH INFORMATION IS SUBJECT TO CHANGE WITHOUT NOTICE, ITS ACCURACY IS NOT GUARANTEED AND IT MAY NOT CONTAIN ALL MATERIAL INFORMATION CONCERNING THE COMPANY. NEITHER WE NOR OUR ADVISOR MAKES ANY REPRESENTATION REGARDING, AND ASSUMES NO RESPONSIBILITY OR LIABILITY FOR, THE ABILITY, THE ACCURACY OR COMPLETENESS OF, ANY ERRORS OR OMISSION IN, ANY INFORMATION CONTAINED HEREIN. IN ADDITION, THE INFORMATION MAY CONTAIN PROJECTIONS AND FORWARD-LOOKING STATEMENT THAT REFLECTS THE COMPANY'S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND FINANCIAL PERFORMANCE. THESE VIEW ARE BASED ON CURRENT ASSUMPTIONS WHICH ARE SUBJECT TO VARIOUS RISK FACTORS AND WHICH MAY CHANGE OVER TIME. NO ASSURANCE CAN BE GIVEN THAT FUTURE EVENTS WILL OCCURS, THAT PROJECTIONS WILL BE ACHIEVED, OR THAT COMPANY ASSUMPTIONS ARE CORRECT. ACTUAL RESULT MAY DIFFER MATERIALLY FROM THOSE PROJECTED. THIS PRESENTATION IS STRICTLY NOT TO BE DISTRIBUTED WITHOUT THE EXPLICIT CONSENT OF THE COMPANY'S MANAGEMENT UNDER ANY CIRCUMSTANCES. Agenda A MARKET OVERVIEW B KEY HIGHLIGHTS C KEY OPERATING PERFORMANCES D KEY FINANCIAL PERFORMANCES E PRODUCT & SERVICES, EVENTS & AWARDS F STRATEGIC PLAN Global Airline Traffic Recovery Positive expectations for Vietnam airline traffic recovery VA recent Fitch Ratings report highlighted that Vietnam is the only country expected to recover up to 90% of its baseline airline traffic among the ASEAN countries. Passenger traffic in key APAC markets, with the exception of China and Vietnam, is expected to remain well bellow 2019 levels in 2021. There has already been a rapid recovery in traffic in China, which should continue absent another wave of the pandemic and there was low incidence of infection in Vietnam.
    [Show full text]
  • Airports Corporation of Vietnam Audited Consolidated Financial Statements
    - t.:l l.:t - AIRPORTS CORPORATION OF VIETNAM - (Incorporated in the Socialist Republic of Vietnam) AUDITED CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2017 -l - -- JE - AIRPORTS CORPORATION OF VIETNAM 58 Truong Son, Ward 02,TanBinh District Ho Chi Minh Ci Vietnam TABLE OF CONTENTS CONTENTS PAGE(S) STATEMENT OF TIIE BOARD OF DGCUTIVE OFFICERS t-2 rA INDEPENDENT AUDITORS' REPORT 3-4 - A CONSOLIDATED BALANCE SHEET 5-6 CONSOLIDATED INCOME STATEMENT 7 E CONSOLIDATED CASH FLOW STATEMENT 8-9 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS l0-68 - o 3l *\ - -t - - - - - {- AIRPORTS CORPORATION OF VIETNAM 58 Truong Son, Ward 02, Tan Binh District Ho Chi Minh City, Vietnam STATEMENT OF THE BOARD OF EXECUTTVE OFFICERS The Board of Executive Officers of Airports Corporation of Vietnam (the "Parent Company") presents this report together with the Parent Company's consolidated financial statements and its subsidiary (collectively referred to as the "Corporation") for - the year ended 31 December 2017. THE BOARDS OF DIRECTORS, SUPERVISORS AND EXBCUTTVE OFFICERS - The members of the Boards of Directors, Supervisors and Executive Officers of the Corporation who held office during the year and to the date of this report are as follows: - - Board of Directors Mr. Lai Xuan Thanh President (appointed on 28 June 2017) a- Mr. Nguyen Nguyen Hung President (resigned on 28 June 2017) Mr. Le Manh Hung - Member Mr. Dao Viet Dung Member - Ms. Le Thi Dieu Thuy Member Board of Supervisors - Ms. Huynh Thi Dieu Head of Board of Supervisors r- Ms. Le Thi Huong Giang Member Ms. Hoang Thi Thanh Member Board of Executive Officers Mr.
    [Show full text]
  • Airports Corporation of Vietnam (Acv)
    09 December 2015 AIRPORTS CORPORATION OF VIETNAM (ACV) IPO REPORT Kim Nguyen [email protected] TABLE OF CONTENTS 1. IPO INFORMATION .................................................................................................................................................................. 2 2. COMPANY OVERVIEW ............................................................................................................................................................. 2 3. BUSINESS MODEL .................................................................................................................................................................. 3 3.1. Aeronautical .................................................................................................................................................................... 3 3.2. Non-Aeronautical ............................................................................................................................................................. 4 3.3. Retail .............................................................................................................................................................................. 4 4. VIETNAM AVIATION INDUSTRY ............................................................................................................................................... 6 5. BUSINESS PERFORMANCE AND FINANCIAL HIGHLIGHTS ...................................................................................................... 8 5.1. Historical
    [Show full text]