HVN - Another quarterly loss; equity remains negative

* HVN announced 9M 2022 revenue of VND51.1tn (USD2.1bn; 2.7x YoY) and a net loss of VND7.8tn (USD318mn) — 34.1% lower than the loss in 9M 2021. HVN’s 9M 2022 revenue and net loss are equivalent to 77% and 90% of our respective 2022F forecasts.

* In Q3 2022, HVN’s revenue jumped 4.5x YoY to VND21.2tn (USD864mn) with a net loss of VND2.6tn (USD107mn) vs a VND3.4tn (USD138mn) net loss in Q3 2021.

* HVN’s loss in 9M 2022 exceeded our expectation due to the slower-than-expected recovery of international aviation in Vietnam as well as pressure from high fuel costs. As a result, we see potential downside risk to our forecasts, pending a more extensive review.