HVN announced H1 2022 revenue of VND29.9tn (USD1.3bn; +114% YoY) and a net loss of VND5.2tn (USD222mn — equal to 56% of the loss in H1 2021). HVN’s H1 2022 revenue is equal to 46% of our 2022F forecast, and the H1 2022 net loss is equal to 45% of our forecast for 2022F.

In Q2 2022, HVN’s revenue jumped 180% YoY to VND18tn (USD786mn) with a net loss of VND2.6tn (USD110mn) vs a VND4.4tn (USD191mn) net loss in Q2 2021.

HVN’s loss in H1 2022 was smaller than our expectation due to the strong performance of domestic aviation in Vietnam. Additionally, we expect a further recovery of the international aviation segment in H2 2022. As a result, we see potential upside risk to our forecasts, pending a more extensive review.