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ACV [MARKET PERFORM +5.7%] - Multi-year traffic growth faces capex headwinds - Initiation

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 traffic of 2%, revenue of 18% and NPAT of 16%.