- HVN announced Q1 2023 gross revenue of VND23.6tn (USD1.0bn) — a 102.3% YoY increase from VND11.7tn in Q1 2022. The company incurred a loss of VND104bn (USD4mn) in Q1 2023, representing an improvement compared to Q1 2022's loss of VND2.6tn. Q1 2023 gross revenue achieved 27% of our full-year 2023 forecast of VND86.3tn, and Q1 2023 NPAT-MI achieved 1% of our full-year 2023 forecast for a loss of VND8.0tn. We see potential upside risk to our forecasts.

- Standalone Vietnam Airlines’ (VNA) revenue increased 116.2% YoY to VND17.8tn (USD755mn) in Q1 2023. Meanwhile, HVN’s subsidiaries' revenue increased 69.1% YoY to VND5.8tn (USD246mn). Transportation revenue increased 118.6% YoY to VND17.6tn (USD743mn), and total auxiliary revenue increased by 26.6% YoY to VND279bn (USD12mn).

- Q1 2023 gross profit was VND1.96tn (USD83mn) — a significant recovery from Q1 2022's gross loss of VND1.6tn. Gross margin improved to 8.3% in Q1 2023 vs -13.7% in Q1 2022. This is the second time in nine quarters (since Q4 2020) that HVN has a positive gross profit. HVN’s Q1 2023 gross profit was even higher than the VND1.4tn (USD59mn) that was achieved in Q4 2019.

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