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External broker reports(aggregated public sources)

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<ul><li>We raise our target price (TP) for HVN to VND37,100/share and upgrade our rating to OUTPERFORM from MARKET PERFORM.</li><li>Our higher TP reflects (1) our 28x/10x higher 2025F/2026F NPAT-MI forecasts, following an earlier-than-expected earnings turnaround in 2024 (vs our previous expectation of 2025) and stronger-than-expected Q1 2025 results, supported by stronger-than-expected demand and lower-than-expected oil prices, and (2) the effect of rolling our TP horizon to mid-2026.</li><li>We forecast 2025F NPAT-MI to grow 24.6% YoY</li></ul><p><em>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.</em></p>

We raise our target price (TP) for HVN to VND37,100/share and upgrade our rating to OUTPERFORM from MARKET PERFORM.Our higher TP reflects (1) our 28x/10x higher 2025F/2026F NPAT-MI forecasts, following an earlier-than-expected earnings turnaround in 2024 (vs our previous expectation of 2025) and stronger-than-expected Q1 2025 results, supported by stronger-than-expected demand and lower-than-expected oil prices, and (2) the effect of rolling our TP horizon to mid-2026.We forecast 2025F NPAT-MI to grow 24.6% YoYContent 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.

HVN - Strong 2025F Earnings on High Pax Yields, Low Fuel Prices

Vietnam

Vietnam Airlines is the flag carrier of Vietnam, providing passenger and cargo air transportation services across an extensive domestic and international network. The airline operates a modern fleet with different cabin classes and offers ancillary services such as catering and aircraft maintenance through its subsidiaries. It is headquartered in Long Biên district, Hanoi, and was founded in 1956.

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Vietnam Airlines (HVN VN)

HVN - Strong 2025F Earnings on High Pax Yields, Low Fuel Prices

Our higher TP reflects (1) our 28x/10x higher 2025F/2026F NPAT-MI forecasts, following an earlier-than-expected earnings turnaround in 2024 (vs our...

Vietcap

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