External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

Airports Corporation of Vietnam / Equity Bottom-Up

<ul><li>We lower our target price (TP) by 4% while reiterating our MARKET PERFORM rating for ACV.</li><li>Our lower TP mainly reflects the exclusion of aviation security earnings from our NPAT-MI forecast (excluding TO/L and aviation security) following the transfer of this segment to the Ministry of Public Security (MoPS), partly offset by rolling our valuation horizon to mid-2027.</li><li>We lower our aggregate 2026–2038 NPAT-MI forecast by 11%, while our reported NPAT-MI projection remains broadly unchanged as aviation security earnings are now classified under State earnings rather than removed from reported NPAT-MI.</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 4% while reiterating our MARKET PERFORM rating for ACV.Our lower TP mainly reflects the exclusion of aviation security earnings from our NPAT-MI forecast (excluding TO/L and aviation security) following the transfer of this segment to the Ministry of Public Security (MoPS), partly offset by rolling our valuation horizon to mid-2027.We lower our aggregate 2026–2038 NPAT-MI forecast by 11%, while our reported NPAT-MI projection remains broadly unchanged as aviation security earnings are now classified under State earnings rather than removed from reported NPAT-MI.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 - 핵심 NPAT-MI가 PQC 및 증권 이체로 타격을 입었음에도 불구하고 견조한 고객 성장세 유지