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Airports Corporation Of Viet Nam / Equity Bottom-Up

<ul>
 <li>ACV holds a near-monopoly over Vietnam's airport system, making it a prime beneficiary of the country's robust economic and tourism growth.</li>
 <li>The company is undertaking the largest infrastructure project in Vietnam's history, the Long Thanh International Airport (LTIA), which presents a significant long-term growth catalyst but also carries substantial near-term execution and financial risks.</li>
 <li>While long-term fundamentals are strong, the company faces headwinds from the heavy capital expenditure for LTIA, a slower-than-expected recovery in domestic passenger traffic, and the emergence of private competition in the airport sector.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  ACV holds a near-monopoly over Vietnam's airport system, making it a prime beneficiary of the country's robust economic and tourism growth.
  The company is undertaking the largest infrastructure project in Vietnam's history, the Long Thanh International Airport (LTIA), which presents a significant long-term growth catalyst but also carries substantial near-term execution and financial risks.
  While long-term fundamentals are strong, the company faces headwinds from the heavy capital expenditure for LTIA, a slower-than-expected recovery in domestic passenger traffic, and the emergence of private competition in the airport sector.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Airports Corporation Of Viet Nam (ACV VN) - Dec 2025

External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<ul><li>We cut our target price (TP) by 14% but reiterate our OUTPERFORM rating, as ACV’s share price has fallen 15% over the past three months.</li><li>Our lower TP is driven by (1) a 15% reduction in our aggregate 2025F–38F core EBITDA (ex-TO/L) and (2) lowering our EV/EBITDA multiple target to 16.0x (vs 20.0x previously).</li><li>These are partly offset by rolling our TP horizon to end-2026.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We cut our target price (TP) by 14% but reiterate our OUTPERFORM rating, as ACV’s share price has fallen 15% over the past three months.Our lower TP is driven by (1) a 15% reduction in our aggregate 2025F–38F core EBITDA (ex-TO/L) and (2) lowering our EV/EBITDA multiple target to 16.0x (vs 20.0x previously).These are partly offset by rolling our TP horizon to end-2026.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ACV [OUTPERFORM +17.7%] - Long-Term Strength, Near-Term Headwinds; LTA Starts in 2026

<ul><li>We lower our target price (TP) by 7% and downgrade our rating for ACV from BUY to OUTPERFORM.</li><li>The company’s share price has rallied 17% in the past three months.</li><li>Our lower TP is underpinned by a 9% decline in our aggregate 2025F–38F core EBITDA (excl. TO/L), mainly because lowering our projected 2024-2038F pax CAGR to 9.6% (vs 10.3% previously), reflecting lower growth in pax at Noi Bai International Airport (HAN).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We lower our target price (TP) by 7% and downgrade our rating for ACV from BUY to OUTPERFORM.The company’s share price has rallied 17% in the past three months.Our lower TP is underpinned by a 9% decline in our aggregate 2025F–38F core EBITDA (excl. TO/L), mainly because lowering our projected 2024-2038F pax CAGR to 9.6% (vs 10.3% previously), reflecting lower growth in pax at Noi Bai International Airport (HAN).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Airports Corporation of Vietnam (ACV) - Sustained Pax Growth; State-Asset Resolution Pushed to 2026

<ul><li>We lower our target price (TP) by 7% and downgrade our rating for ACV from BUY to OUTPERFORM. The company’s share price has rallied 17% in the past three months.</li><li>Our lower TP is underpinned by a 9% decline in our aggregate 2025F–38F core EBITDA (excl. TO/L), mainly because lowering our projected 2024-2038F pax CAGR to 9.6% (vs 10.3% previously), reflecting lower growth in pax at Noi Bai International Airport (HAN). </li><li>We lower our 2025F/26F/27F NPAT-MI forecasts by 4%/6%/34%, respectively, driven by our assumptions for (1) slower bad debt reversal, (2) lower net financial gains (FI&amp;FE and associates), and (3) higher depreciation expenses during the period.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We lower our target price (TP) by 7% and downgrade our rating for ACV from BUY to OUTPERFORM. The company’s share price has rallied 17% in the past three months.Our lower TP is underpinned by a 9% decline in our aggregate 2025F–38F core EBITDA (excl. TO/L), mainly because lowering our projected 2024-2038F pax CAGR to 9.6% (vs 10.3% previously), reflecting lower growth in pax at Noi Bai International Airport (HAN). We lower our 2025F/26F/27F NPAT-MI forecasts by 4%/6%/34%, respectively, driven by our assumptions for (1) slower bad debt reversal, (2) lower net financial gains (FI&amp;FE and associates), and (3) higher depreciation expenses during the period.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ACV [OUTPERFORM +14.0%] - Sustained Pax Growth; State-Asset Resolution Pushed to 2026

External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul>
<li>Net revenue grew by 13% YoY, reaching VND 4.9 trillion, while NPAT increased by 26% YoY, recording VND 2,898 bn after excluding airport infrastructure.</li>
<li>Total passenger volume reached 27 mn (-7% YoY), with international passenger volume increasing by 31% YoY to 9.8 mn, while domestic passenger volume dropped by 21% YoY to 17.2 mn.</li>
<li>The strong growth in international passengers was driven by Vietnam's ability to attract tourists from South Korea and China due to low travel costs. </li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Net revenue grew by 13% YoY, reaching VND 4.9 trillion, while NPAT increased by 26% YoY, recording VND 2,898 bn after excluding airport infrastructure.
Total passenger volume reached 27 mn (-7% YoY), with international passenger volume increasing by 31% YoY to 9.8 mn, while domestic passenger volume dropped by 21% YoY to 17.2 mn.
The strong growth in international passengers was driven by Vietnam's ability to attract tourists from South Korea and China due to low travel costs. 

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AIRPORTS CORPORATION OF VIETNAM - Bad Debt Risks Overshadow Many Growth Opportunities

Vietnam

Airports Corporation of Vietnam JSC provides airport operations. The Company is involved in investment, construction, management, and maintenance of airports. Airports Corporation of Vietnam operates in Vietnam.

Airports Corporation Of Viet Nam (ACV VN)

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Airports Corporation Of Viet Nam (ACV VN)

Primer: Airports Corporation Of Viet Nam (ACV VN) - Dec 2025

ACV holds a near-monopoly over Vietnam's airport system, making it a prime beneficiary of the country's robust economic and tourism growth. ...

αSK

ACV [OUTPERFORM +17.7%] - Long-Term Strength, Near-Term Headwinds; LTA Starts in 2026

We cut our target price (TP) by 14% but reiterate our OUTPERFORM rating, as ACV’s share price has fallen 15% over the past three months.

Vietcap

Airports Corporation of Vietnam (ACV) - Sustained Pax Growth; State-Asset Resolution Pushed to 2026

We lower our target price (TP) by 7% and downgrade our rating for ACV from BUY to OUTPERFORM. The company’s share price has rallied 17% in the past...

Vietcap

ACV [OUTPERFORM +14.0%] - Sustained Pax Growth; State-Asset Resolution Pushed to 2026

We lower our target price (TP) by 7% and downgrade our rating for ACV from BUY to OUTPERFORM. The company’s share price has rallied 17% in the past...

Vietcap

AIRPORTS CORPORATION OF VIETNAM - Bad Debt Risks Overshadow Many Growth Opportunities

Net revenue grew by 13% YoY, reaching VND 4.9 trillion, while NPAT increased by 26% YoY, recording VND 2,898 bn after excluding airport...

Rong Viet Securities

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52-week Range

Market Cap (USDm)

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