- VJC released H1 2022 results with revenue of VND16tn (USD701mn; +2.1x YoY) and NPAT-MI surging to VND425bn (USD18.5mn; +3.4x YoY), which fulfilled 45% and 24% of our respective full-year forecasts. 

- H1 2022’s robust earnings growth was backed by strong Q2 2022 results with revenue of VND12tn (USD504mn; +3.3x YoY) and NPAT-MI of VND180bn (USD7.8mn; +31.3x YoY). Overall, we see no potential risk to our current projection, pending a fuller review.

- In Q2 2022, VJC’s EBIT at the standalone company level (which mainly represents the airline’s transportation segment) was VND680bn (USD29.2mn) vs a loss of VND1.7tn (USD72.8mn) in Q2 2021. We mainly attribute the positive EBIT to the strong performance of Vietnam’s domestic aviation market, in addition to the better-than-expected pricing power of the airline. 

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