Airport Corporation of Vietnam (UPCOM: ACV) | Q3 2025 Update, BUY– FW2026 Upside +24.6%

Strong Q3 2025 Results Driven by Robust Tourism Recovery and Favorable FX Gains

ACV Q3 2025 performance showed resilience, with revenue of VND 6.5tn (+14.5% YoY, +2.2% QoQ), reflecting steady momentum in aviation activity. NPAT-MI rose sharply to VND 2.8tn (+40.0% YoY, +25.2% QoQ), despite GPM declined to 61.7% as of Q3 2025 (from 64.4% Q3 2024) due to rising operation cost from Tan Son Nhat terminal 3. The significant improvement in NPAT-MI was driven by a net financial income of VND 331 bn (compared to Q4 2024, net financial loss was at VND 514 bn), contributed by an FX gain of VND 186 bn as the JPY/VND rate depreciated by 1.6% during the quarter.

For 9M 2025, ACV delivered a revenue of VND 19.2 tn (+13.9% YoY), supported by strong growth across both aeronautical and non-aeronautical segments. Passenger volume reached 64.1 million (+10.7% YoY), driven by a notable rebound in Chinese arrivals (+43.9% YoY) while domestic carriers’ active fleets expanded from 182 to 184 aircraft. Meanwhile, non-aeronautical revenue rose 17.0% YoY, underpinned by the opening of TSN Terminal 3, which expanded commercial leasing space and enhanced premium service offerings. NPAT-MI increased modestly 3.0% YoY to VND 7.7tn, as higher financial expenses of VND 1.1tn (+23.8% YoY), mainly from FX losses of VND 935bn as JPY/VND accelerated 13.3% YTD, and a 44.8% decline in financial income to VND 884bn, weighted on profitability. Consequently, NPAT-MI margin narrowed to 46.6% in 9M 2025, down from 50.4% in 9M 2024.

ACV achieved 86.4% of its FY2025 revenue targets set by management. Overall, the company’s performance is well aligned with our projection with 9M 2025 revenue and NPAT-MI achieving 74.5% and 73.4% of our forecasts, underscoring a solid top-line performance

Based on these assumptions, we maintain our Target Price at VND 68,400/share, representing a 24.6% upside from the closing price of VND 54,900/share on Nov 7, 2025. Accordingly, we upgraded our recommendation from ADD to BUY on ACV