HHV [NOT RATED] - High backlog to secure construction revenue in 2023-25 - Company Visit Note

- Deo Ca Traffic Infrastructure Investment JSC (HOSE: HHV) is the investor and operator of transport infrastructure projects in Vietnam such as the Deo Ca Tunnel and Hai Van Tunnel 2.

- Toll collection is HHV’s primary source of revenue, accounting for 70.9% of total revenue in 2022, followed by construction (25.3%), maintenance (2.0%), transportation (0.9%), and others (1.0%). 

- HHV guides for 2023G NPAT before MI of VND339bn (+14% YoY), which we believe is achievable due to the company’s high construction backlog and stable toll collection revenue.

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