External broker reports(aggregated public sources), Vietcap

Vietcap

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Airports Corporation Of Viet Nam / Equity Bottom-Up

<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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<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

<ul><li>We increase our target price (TP) for ACV by 18% but reiterate our MARKET PERFORM rating as ACV’s share price has increased by 11% in the last three months.</li><li>We adjust our valuation approach from a 100% DCF method to a blend of DCF (70% weight) and EV/EBITDA multiple (30% weight) to mitigate the impact of heavy capex for Long Thanh International Airport (LTA) in 2025-26F and high interest expenses from 2027F onward.</li><li>We apply an EV/EBITDA multiple of 20.0x, consistent with ACV’s 2017-2024 average (excluding 2020-2022). We believe ACV merits valuation multiples at least equal to its historical average.</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 increase our target price (TP) for ACV by 18% but reiterate our MARKET PERFORM rating as ACV’s share price has increased by 11% in the last three months.We adjust our valuation approach from a 100% DCF method to a blend of DCF (70% weight) and EV/EBITDA multiple (30% weight) to mitigate the impact of heavy capex for Long Thanh International Airport (LTA) in 2025-26F and high interest expenses from 2027F onward.We apply an EV/EBITDA multiple of 20.0x, consistent with ACV’s 2017-2024 average (excluding 2020-2022). We believe ACV merits valuation multiples at least equal to its historical average.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 - Strong International Traffic Recovery, Softer Near-Term Domestic Pax Outlook

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)

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

ACV - Strong International Traffic Recovery, Softer Near-Term Domestic Pax Outlook

We increase our target price (TP) for ACV by 18% but reiterate our MARKET PERFORM rating as ACV’s share price has increased by 11% in the last...

Vietcap

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