- ACV announced upbeat Q4 2022 results with revenue and NPAT-MI growing 5x YoY and 6x YoY, respectively, thanks to the recovery of aviation markets as COVID-19 disruptions subsided. These numbers exclude contributions from State-invested aviation assets.

- 2022 revenue tripled YoY and NPAT-MI soared 13x, completing 98% and 95% of our respective forecasts. Worse-than-expected provision expenses for doubtful debt were partly offset by stronger-than-expected FX revaluation gains. 

- 2022 international passenger (pax) numbers recovered to 12 million pax (29% of 2019 & 90% of our 2022F). 

- 2022 domestic pax surpassed the pre-COVID level, hitting 87 million (116% of 2019 & 100% of our 2022F).