AVIATION SECTOR – In-depth – [Non-rated] – Turnaround year
sIn 1Q24, VJC and HVN’s transportation revenue went up despite negative air passenger growth, which resulted from (1) Vietnamese airlines’ expansion to the international market and (2) higher fares due to eased competition and capacity shortage. In 2H24F, with the shift to the growing international segment of airlines due to limited capacity, we expect the domestic market to weaken but with increasing demand for international travel, the airlines’ business results in 2H24F continue to improve and contribute to a turnaround year.
Featured Analysis
HDG – Brief – [NONRATED] – NPAT boosted by drop in interest expenses
VJC – Brief – [NONRATED] – Strong core business, new supplying incoming
Seafood: Pangasius market – Indepth – [Overweight] – The tide is turning
VCB- Earnings review-[BUY]- Enhancing asset quality
POW – Earnings review – [HOLD] – Positive results from the low base
HVN – Brief – [NONRATED] – Debt write-off saved bottom line
MWG – Brief – [HOLD] – BHX would open 50 – 100 stores in 2H24F
