- HVN announced H1 2023 revenue of VND44tn (USD1.87bn; +47.1% YoY) and a net loss of VND1.46tn (USD64.7mn) — equal to 28% of the loss in H1 2022. HVN’s H1 2023 revenue is equal to 51.4% of our 2023F forecast, and its H1 2023 net loss is equal to 18% of our 2023F net loss forecast. 

- HVN’s loss in H1 2023 was smaller than our expectation due to the stronger-than-expected recovery of the airlines’ gross profit margin. Meanwhile, we expect the international aviation segment to recover further in H2 2023. As a result, we foresee potential upside to our 2023 forecasts, pending a more extensive review.

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