ACV [MARKET PERFORM +5.7%] - Multi-year traffic growth faces capex headwinds - Initiation
  • 06 Sep 2018
  • Company Research
We initiate on ACV with a MARKET PERFORM rating and a target price of VND84,700, implying a total stock return of 5.7%, inclusive of a 0.7% dividend yield. Over 2017-2022, we forecast a CAGR for international passenger (pax) traffic of 10%, domestic pax t