ACV’s consolidated 9M 2018 revenue was up 16% YoY to VND11.9tn (USD511mn), while NPAT-MI spiked 68% YoY to VND5.0tn (USD212mn). Top-line growth was driven by higher passenger service charges (PSC) implemented from Q4 2017 and passenger (pax) growth. We estimate ACV’s 9M 2018 total pax growth was 5% YoY (underlying was 8% YoY), international pax growth was 3% YoY (underlying was 13% YoY) and domestic pax growth was 7% YoY.