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HVN [NON-RATED] - 2017 – The fuel sword will make the giant bleed - AGM Note

We attended HVN’s AGM on June 20, 2017. Investors focused on its competition with Vietjet Air and the expected negative growth in earnings. Net revenue grew 6.4% in 2016 to VND70.5 trillion (USD3.1 billion) driven by strong passenger and cargo growth (21.2% and 30.6%, respectively) and a sharp drop in airfare related to a decrease in fuel price.