ACV 9-Month Profit Tops 31% of 2026 Plan as Airport Traffic Climbs

Overview

Airports Corporation of Vietnam (ACV), the state-controlled operator of the country’s major airports, said 9-month pre-tax profit has already exceeded 31% of its full-year 2026 plan, with parent-company revenue up 6% year-on-year. The disclosure came at the company’s nine-month review conference and was carried in a 14 October market roundup that also covered F88’s earnings, SHB’s syndicated loan and TTC Land’s auction bid.

Key Facts

• ACV reported 9-month pre-tax profit exceeding 31% of its full-year 2026 plan, with parent-company revenue up 6% year-on-year.
• ACV served 94.1 million passengers in the nine months, up 8.6% from a year earlier.
• Cargo throughput reached 1.4 million tonnes, up 9.8%, while aircraft movements totalled more than 568,000, up 7.1%.
• F88 posted 9-month consolidated pre-tax profit of VND 1,087 billion, up 80.1% year-on-year and equal to 96% of its full-year plan; third-quarter pre-tax profit was VND 401 billion, up 42.1%.
• SHB’s board approved a USD 340 million syndicated loan coordinated by Sumitomo Mitsui Banking Corporation (SMBC), Singapore branch, with State Bank of India (Hong Kong), CTBC Bank, Maybank Securities, Abu Dhabi Commercial Bank and MUFG Bank also participating.
• TTC Land (SCR) approved bidding for 27.54 million shares, or 51%, of Tin Nghia - A Chau, held by Tin Nghia Corporation (TID), at a starting price of VND 1,001 billion with a VND 200 billion deposit.
• The VN-Index closed down 1.56 points (0.09%) at 1,719.42, with foreign investors net selling VND 439 billion on HOSE.

What Happened

At its nine-month review conference, Airports Corporation of Vietnam reported that pre-tax profit for the first nine months had already surpassed 31% of the 2026 full-year target, according to the company’s own presentation. Parent-company revenue rose 6% over the same period last year. The operational figures accompanying the result show passenger volumes of 94.1 million, cargo of 1.4 million tonnes and more than 568,000 take-offs and landings, each growing between 7% and 10% year-on-year.

The same roundup covered three other corporate actions. F88 Investment Joint Stock Company reported consolidated nine-month pre-tax profit of VND 1,087 billion, up 80.1%, with pawn-lending revenue of VND 3,728 billion and net loan balances near VND 9,540 billion as of 30 September. SHB’s board approved a USD 340 million syndicated loan led by SMBC’s Singapore branch, earmarked for credit extension and ESG-qualifying projects. TTC Land’s board approved participating in the auction of a 51% stake in Tin Nghia - A Chau, the developer of the Cu Lao Tan Van project in Dong Nai.

Market Context

ACV trades on UPCOM and closed at VND 40,700 on 13 October. The broader market was marginally weaker that session, with the VN-Index down 0.09% to 1,719.42 and the VN30 off 0.45%, while foreign investors net sold VND 439 billion on HOSE. ACV’s earnings update sits within the infrastructure and aviation-services segment, which is directly geared to Vietnam’s recovering international and domestic travel volumes. SHB, listed on HOSE, closed at VND 10,450, and SCR closed at VND 4,080.

Strategic Significance

ACV’s profit running ahead of its annual plan after only nine months reflects operating leverage on a fixed airport asset base: passenger, cargo and movement volumes all grew faster than the 6% revenue increase, implying cost discipline alongside traffic recovery. For long-term holders, the key variable is not the nine-month beat itself but the capex cycle behind it, particularly Long Thanh International Airport and terminal expansions that will determine depreciation and gearing over the next decade. SHB’s USD 340 million syndicated facility, coordinated by SMBC with a six-lender group, signals continued international bank appetite for Vietnamese bank credit and gives SHB medium-term funding diversity tied to ESG lending criteria. SCR’s bid for control of Tin Nghia - A Chau would add the Cu Lao Tan Van project in Dong Nai to its land bank, a direct bet on industrial and residential demand in the southern industrial corridor.

What to Watch

• ACV’s full-year 2026 profit announcement and any revision to the annual plan, given the nine-month result already exceeds 31% of target.
• Monthly or quarterly passenger and cargo throughput data for ACV’s airports, particularly international arrivals.
• Completion and disbursement milestones on SHB’s USD 340 million syndicated loan and disclosure of the ESG project pipeline.
• The outcome of the Tin Nghia - A Chau auction, including the final winning price against the VND 1,001 billion starting price and the VND 200 billion deposit.
• F88’s full-year results against its VND 1,132 billion implied plan, following the 96% completion after nine months.