- VJC announced 9M 2022 revenue of VND27.5tn (USD1.1bn; +2.7x YoY) and net profit of VND184bn (USD7.5mn; -6.4% YoY). VJC's 9M 2022 revenue and net profit are equal to 66.3% and 14.4% of our respective 2022F forecasts. We see potential downside risk to our current projections, pending a fuller review.

- In Q3 2022, VJC’s revenue advanced 4.4x YoY to VND11.6tn (USD473mn) with NPAT-MI of VND40.6bn (USD1.7mn; -44% YoY and -77% QoQ).

- In Q3 2022, EBIT loss at the standalone company level (which mainly represents the airline's transportation segment) was VND857bn (USD35.0mn) vs Q2 2022's loss of VND1.2tn (USD48.3mn). In our view, the QoQ improvement was mainly driven by the strong domestic air transportation segment as the recovery of the international transportation segment remained slow.

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