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ACV - Passenger growth slowing down - Earnings Flash

ACV’s consolidated H1 2018 showed revenue was up 24% YoY to VND7.9tn (USD345mn), while NPAT-MI spiked 69% YoY to VND3tn (USD134mn) as the airport operator’s gross margin surged to 50% in H1 2018 from 41% in H1 2017, indicating, as expected, that ACV will beat its conservative 2018 guidance. At its 2018 AGM, ACV guided for 2018 pax growth of 8.2%, revenue of VND16tn (USD702mn, +15.9% YoY) and PBT of VND5.7tn (USD250mn, +6% YoY). ACV have since said this guidance is conservative as it factored in