- ACV held its AGM in HCMC on June 17.

- Shareholders approved ACV’s 2022G guidance for total income (including revenue, financial income and other income) of VND10.3tn (USD455mn) and PBT of VND2.6tn (USD102mn; +326% YoY). ACV’s guidance is based on assumptions of 75 million domestic passengers (+2.5x YoY) and five million international passengers (+10x YoY) in 2022.

- ACV’s 2022G total income and PBT guidance represent 101% and 59% of our full-year forecasts, respectively. While ACV’s domestic passenger guidance for 2022 is broadly in line with our current expectation as it represents 102% of our forecast, its international passenger guidance is sharply below our current forecast of 11 million international passengers in 2022. We believe the latter is the main reason for the gap between our PBT forecast and ACV’s guidance. Nevertheless, we do not anticipate any major risks to our forecasts as we continue to believe international passenger numbers will significantly recover starting in H2 2022 thanks to the COVID-19 vaccination coverage and reopening of Vietnam’s international passenger source markets. 

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