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VJC [OUTPERFORM +15.8%] - Flying high - Update

We upgrade our rating for VJC to OUTPERFORM with a total stock return of 15.8%. We increase our TP by 7% as international RPK, ancillary revenue, core business margins and gains from sale-and-lease-back (SALB) are tracking ahead of our expectation. H1 2017 revenue +31% and NPAT +45% YoY driven by 46% core revenue growth on VJC’s aggressive ramp-up in international flights, core margin improvement and wider SALB gain.