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VJC [OUTPERFORM +11.3%] - Robust top-line growth challenged by oil price headwinds - Update

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.