VJC – Brief – [NONRATED] – Strong core business, new supplying incoming

In 2Q24, VJC operated 35.7 thousand flights (+10.2% YoY), carried 6.8mn passengers (+1.5% YoY), and reported a VND16.2tn revenue (-2.3% YoY). VJC reported better earnings results than our forecast of EBT loss in 2Q24, mostly through lower costs, and other income. Overall, VJC recorded a VND1.3tn EBT (fulfilling 121% of 2024 EBT guidance).