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 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><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 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