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HVN [NON-RATED] - 2017 – The fuel sword will make the giant bleed - AGM Note

Company Research

22 Jun 2017

We attended HVN’s AGM on June 20, 2017. Investors focused on its competition with Vietjet Air and the expected negative growth in earnings. Net revenue grew 6.4% in 2016 to VND70.5 trillion (USD3.1 billion) driven by strong passenger and cargo growth (21.2% and 30.6%, respectively) and a sharp drop in airfare related to a decrease in fuel price.

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