VJC [OUTPERFORM +11.3%] - Robust top-line growth challenged by oil price headwinds - Update
  • 2018-06-05T17:57:16
  • Company Research
We maintain our OUTPERFORM rating on VJC with a target price of VND187,500, implying a 11.3% total stock return. We cut our target price by 18%, reflecting: (1) lower-than-expected passenger yields, (2) margin compression due to higher oil prices and (3) higher WACC. We adjust our valuation methodology to improve comparability between VJC and its peers.