ACV’s H1 2019 results were above our expectations with revenue up 12% YoY to VND8.9tn/USD387mn and NPAT-MI up 20% YoY to VND3.7tn/USD161mn. Excluding FX revaluation losses, ACV’s H1 2019 PBT was up 16% YoY. We estimate that ACV’s H1 2019 total passenger (pax) growth was 0.4% YoY (vs our 2019F of 0.6% YoY), international pax was down 9.7% YoY (vs our 2019F of -2.5% YoY) and domestic pax was up 7.6% YoY (vs our 2019F of 2% YoY).