ACV [OUTPERFORM +19.0%] - Steady international pax growth; minor bad debt write-backs

- We lower our target price (TP) by 3% but upgrade our rating for ACV from MARKET PERFORM to OUTPERFORM, as ACV’s share price has declined 15% since November 2024.

- We lower our 2025F-27F NPAT-MI forecasts by 2% p.a., primarily due to slightly lower medium-term international passenger projections following softer-than-expected 2024 results. Nevertheless, our international passenger forecast translates to YoY growth of 14%/8%/18%.

- We maintain our assumed timeline for ACV to reverse most of its provisions for doubtful receivables in 2025-2028F, with projected reversals of VND500bn in 2025F.