External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

Airports Corporation Of Viet Nam / Equity Bottom-Up

Airports Corporation Of Viet Nam (ACV VN)

<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><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 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