- We lower our target price (TP) by 6% to VND60,600/share, but upgrade our rating for AST from OUTPERFORM to BUY as the share price has decreased by 10% in the last four months. 

- Our lower TP is due to a 13% decrease in our 2025F-2030F aggregate NPAT-MI forecast, partially offset by rolling our TP horizon to end-2025.

- We forecast 2025F/26F/27F NPAT-MI growth of 30%/20%/22% YoY, respectively, driven by (1) growth of the projected number of air passengers at 8%/8%/15% YoY, (2) the opening of new stores at Tan Son Nhat T3, Noi Bai T2, and Long Thanh International Airport (LTA), and (3) the company’s strategy to optimize costs and enhance operational efficiency.

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