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VJC - Strong operating performance, FOL raise should support price - AGM note

We attended VJC’s AGM on April 20, 2017. The AGM was smoothly run and all the proposals were approved by shareholders. Revenue grew by 38.6% to VND27.5 trillion (USD1.24 billion) in 2016 and revenue excluding sales of aircraft surged by 44% to VND15.9 billion (USD718 million) driven largely by a 51% surge in passenger volumes. Shareholders agreed on a proposed FOL lift from the current 30% to 49%, but this is still subject to government approval.