- ACV announced Q2 2023 results with revenue rising 4% QoQ but EBITDA edging down 1% QoQ. ACV’s H1 2023 revenue and EBITDA completed 49% and 48% of our respective full-year forecasts. We foresee slight potential upside to our forecasts, pending a fuller review.

- In H1 2023, foreign and Chinese arrivals reached 66% and 22% of their respective pre-COVID levels. While Chinese arrivals continued to recover in Q2 2023, foreign arrivals only edged up QoQ as Q2 is a low season. 

- We expect improvements in H2 2023 vs H1 2023 as H2 is a high season for international arrivals in Vietnam. In 7M 2023, foreign and Chinese arrivals reached 68% and 26% of their respective pre-COVID levels. 

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