We attended HVN’s AGM on June 28. The meeting mainly focused on restructuring plans to sustain the airline’s operation.

 For FY2022, HVN guides for a consolidated loss of VND11.5tn (USD496mn) — 14% less than the loss in 2021. This loss target is 1.5x more than our current projection; as a result, we see downside risk to our current forecast and valuation for HVN, pending a fuller review.

HVN’s shareholders approved a proposal allowing the company to divest from its subsidiaries and associates.