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HVN [OUTPERFORM +11.4%] - Stable FSC with well-positioned non-airline arms - Initiation

We initiate on HVN with an OUTPERFORM rating and a total return of 11.4%. HVN (The Group) operates in one of the world’s fastest growing aviation markets and is comprised of Vietnam’s national carrier, Vietnam Airlines (VNA), and 20 subsidiaries and affiliates covering different parts of the aviation value chain.