- 2025-02-03T00:00:00
- Company Research
- HVN reported 2024 revenue of VND106.8tn (USD4.3bn; 16% YoY; 92% of our full-year forecast) and NPAT-MI of VND6.9tn (USD274.7mn), marking a significant turnaround from a VND5.9tn net loss in 2023. This NPAT-MI result beats our 2024F forecast of a VND1.3tn net loss. We foresee upside potential to our forecast, pending a fuller review.
- In Q4 2024, net revenue was VND26.8tn (USD1.1bn; flat QoQ; 12% YoY) and NPAT-MI was VND921bn (USD30.6mn; 20% QoQ), marking a turnaround from a VND2.1tn (-USD82.4mn) net loss in Q4 2023.
- In Q4 2024, other net income surged to VND597bn (USD23.4mn; +1883% QoQ; +110% YoY), driven by a one-off recorded gain as the National Assembly allowed Pacific Airlines JSC (VNA’s subsidiary) to reverse VND598bn in late payment fines and fees on outstanding tax debts as of December 31, 2024. Excluding this one-time gain, recurring PBT stood at VND550bn, representing a robust 109% YoY increase.
- Gains from associates reached VND71bn (USD2.8mn; -34% YoY; 94% of our full-year forecast). This result fell short of our expectations, primarily due to a VND96bn loss from associates in Q4 2024.
- In 2024, GPM improved significantly to 13.1% (vs 4.3% in 2023), driven by revenue growth outpacing cost increases. According to the standalone financial statements of VNA, revenue rose by 21% YoY, while costs increased at a slower pace of 9%. In particular, the changes in fuel, labor, depreciation, and outsourcing costs changed by +7%, +15%, -16%, and +13% YoY, respectively. These expenses represented 33.1%, 6.5%, 6.1%, and 54.3% of VNA's respective total costs in 2024.
- In 2024, HVN’s OPM improved to 6.4% in 2024 (vs -2.8% in 2023). The 9.2 ppts improvement in OPM was mainly driven by an expansion of 8.8 ppts in GPM while SG&A/sales remained stable.
- The company’s cash flow from operations improved, reaching VND9.7tn (USD385.6mn) in 2024, up from VND1tn (USD40.1mn) in 2023.
HVN’s 2024 results
VND bn | Q4 2023 | Q3 2024 | Q4 2024 | QoQ | YoY | 2023 | 2024 | YoY | 2024A/2024F | 2024F |
Revenue | 24,059 | 26,830 | 26,829 | 0% | 12% | 92,087 | 106,754 | 16% | 92% | 115,638 |
VNA | 17,951 | 20,901 | 21,306 | 2% | 19% | 69,058 | 83,677 | 21% | 93% | 89,763 |
-Transportation revenue | 17,665 | 20,594 | 20,909 | 2% | 19% | 67,869 | 82,418 | 21% | 94% | 87,319 |
-Total auxiliary | 373 | 307 | 397 | 29% | 6% | 1,189 | 1,259 | 6% | 51% | 2,445 |
Subsidiaries | 6,108 | 5,929 | 5,523 | -7% | -10% | 23,029 | 23,076 | 0% | 89% | 25,875 |
Net Revenue | 23,831 | 26,600 | 26,625 | 0% | 12% | 91,459 | 105,787 | 16% | 92% | 114,830 |
Gross Profit | -189 | 2,744 | 4,377 | 59% | N.M | 3,939 | 13,826 | 251% | 172% | 8,060 |
SG&A | -1,565 | -1,577 | -2,248 | 43% | 44% | -6,473 | -7,051 | 9% | 99% | -7,131 |
Operating Profit | -1,754 | 1,167 | 2,130 | 82% | N.M | -2,525 | 6,775 | N.M | 729% | 929 |
Financial income | 287 | 563 | 368 | -35% | 28% | 926 | 1,260 | 36% | 349% | 361 |
Financial expenses | -748 | -812 | -1,852 | 128% | 148% | -4,405 | -5,588 | 27% | 195% | -2,859 |
Gain/loss from associates | 11 | 26 | -96 | -462% | -979% | 88 | 71 | -20% | 94% | 75 |
Net other income | 285 | 30 | 597 | 1883% | 110% | 615 | 5,206 | 746% | 4781% | 109 |
PBT | -1,920 | 975 | 1,147 | 18% | N.M | -5,363 | 7,723 | N.M | N.M | -1,385 |
NPAT - MI | -2,065 | 768 | 921 | 20% | N.M | -5,930 | 6,883 | N.M | N.M | -1,385 |
GPM | -0.8% | 10.3% | 16.4% |
|
| 4.2% | 13.1% |
|
| 7.0% |
OPM | -7.4% | 4.4% | 8.0% |
|
| -2.8% | 6.4% |
|
| 0.8% |
NPM | -8.7% | 2.9% | 3.5% |
|
| -6.5% | 6.5% |
|
| -1.2% |
Source: HVN, Vietcap forecasts
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