Báo cáo phân tích cổ phiếu HVN - Tổng Công ty Hàng không Việt Nam - CTCP (UpCOM) (Báo cáo tiếng Anh)
Thoughts on the stock
- We maintain HOLD rating for HVN shares with the target price of VND 38,500, downside 4.5% from current price.
Vietnam Airlines has been reforming its fleet as an attempt to operate more efficiently. Replacing old aircrafts with new models using operating leases will enhance fleet efficiency and reduce debt pressure in the long-term. However, it also puts more pressure on short-term results due to increasing lease expenses and reducing margin as seat capacity grows faster than passenger demand.
- Jet fuel prices have fallen sharply since reaching a four-year high in October 2018. Lower fuel cost in 2019 will expectedly support airlines’ profit margins.
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