- ACV announced upbeat Q1 2023 results with revenue and NPAT-MI growing 18% QoQ and 21% QoQ, respectively, which was mainly thanks to an increased number of international passengers resulting from the recovery of aviation markets. These results exclude contributions from State-invested aviation assets.

- Q1 2023 NPAT completed 18% of our full-year forecast. Overall, we see no significant changes to our 2023F NPAT forecast as ACV reported higher-than-expected revenue as well as expenses.