- We cut our target price (TP) for ACV by 5% to VND84,400/share and downgrade our rating from OUTPERFORM to MARKET PERFORM. 

- We trim our aggregate 2023F-2025F NPAT-MI (excluding contributions from State-invested assets) by 2% mainly due to by our lower projections for interest income following lower-than-expected cash balances at YE2022.

- We forecast 32 million international passengers (+168% YoY) and 87 million domestic passengers (flat YoY) in 2023F — equivalent to 77% and 117% of the respective 2019 results.

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