Vietnam Airports Corporation (ACV-UPCoM) announces changes to its leadership structure.
Accordingly, the ACV Board of Directors has just approved the dismissal of Mr. Lai Xuan Thanh from the position of Chairman of the Board of Directors for the term 2021 – 2026, effective September 1st.
As announced, the ACV Board of Directors consists of: Mr. Lai Xuan Thanh (former Chairman), Mr. Vu The Tiet, Mr. Dao Viet Dung, Ms. Le Thi Dieu Thuy, Mr. Le Van Khien, Ms. Nguyen Thi Hong Phuong, and Mr. Nguyen Ngoc Quy. ACV has not yet announced who will replace Mr. Lai Xuan Thanh.
Mr. Thanh, born in 1963, holds a Master’s degree in State Management. In mid-2017, while serving as the Director of Vietnam Aviation, he was transferred and appointed as the Chairman of ACV by the Ministry of Transport. He also represents the State capital in the enterprise with 488,692,477 shares, equivalent to 22.45%, managing 22 domestic airports.
In the first half of the year, ACV recorded consolidated revenue of over VND 11,200 billion, up nearly 16% over the same period last year. The company’s after-tax profit increased by nearly 45%, to over VND 4,240 billion, due to the strong recovery in international passenger volume and flight numbers to Vietnam.
As a result, VCSC maintained its “market perform” recommendation for ACV, despite increasing the target price by 11% as ACV’s share price has risen by 10% in the past 3 months.
According to VCSC, our higher target price comes from increasing our FY2024/2025/2026 net profit after SVC by 16%/10%/4% as we expect stronger international passenger growth and lower bad debt provisions, partly offset by expected forex losses from ACV’s JPY-denominated debt in 2024.
At the same time, based on the positive business results in the first half of 2024, we increased our international passenger forecast for 2024/25/26 to 45 million/49 million/53 million, respectively (compared to our previous forecast of 43 million/47 million/51 million).
This led to VCSC’s new forecast for international passenger volume in 2024 to reach 108% of pre-COVID-19 (2019) levels. However, VCSC lowered its forecast for domestic passenger volume in 2024 to 74 million (from 78 million previously) and maintained its mid-term forecast.
At the close of the trading session on September 4th, the stock edged slightly lower to VND 109,000/share with a trading volume of 141,808 units.
A New Chapter for ACV: Mr. Lai Xuan Thanh Steps Down as Chairman
The Board of Directors of ACV has approved the resignation of Mr. Lai Xuan Thanh from the position of Chairman of the Board of Directors for the 2021 – 2026 term, effective September 1st, as he retires.
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