- ACV announced Q2 2022 results with revenue jumping 124% YoY to VND3.4tn (USD149mn) and NPAT-MI surging 667% YoY to VND2.6tn (USD113mn). We believe the top-line YoY growth was mainly driven by the number of domestic passengers recovering, while the bottom-line YoY increase was boosted by foreign exchange (FX) revaluation gains in the quarter.

- Excluding contributions from State-invested aviation assets (such as runways), ACV’s revenue increased 144% YoY to VND2.9tn (USD126mn) and its NPAT-MI surged 863% YoY to VND2.4tn (USD104mn) in Q2 2022. We note that ACV has not yet provided its number of passengers served in Q2 2022.

- In H1 2022, ACV’s revenue increased 60% YoY to VND4.6tn (USD200mn) and its NPAT-MI soared 231% YoY to VND3.1tn (USD135mn), which we believe was mainly thanks to the recovery of the aviation industry as COVID-19 disruption subsided.

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