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ACV [MARKET PERFORM +6.5%] - Looking to 2019 raises questions on runway issues - Update

Company Research

13 Nov 2018

We maintain our MARKET PERFORM rating while raising our target price (TP) 1.9% to VND86,300, resulting in a projected TSR of 6.5%. While rolling-over our DCF increases our TP, this has been mostly offset by our revised 2019F international passenger (pax) growth assumption of 5% YoY from 10% YoY to reflect the impact of the loss of the international terminals at Da Nang (DAD) in Q2 2017 and Cam Ranh (CXR) in Q2 2018, which was more severe than we previously expected. This contributes
Tags: ACV

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