External broker reports(aggregated public sources), Vietcap

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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 - 높은 승객 수익률과 낮은 연료 가격으로 2025년 실적 강세 전망

Vietnam Airlines Jsc

HVN - 높은 승객 수익률과 낮은 연료 가격으로 2025년 실적 강세 전망