We maintain our BUY rating on AST with a projected TSR of 33.1%. We raise our target price by 3.4%, mainly as we roll over our relative valuation method to use our 2019F EPS, which includes the full contribution of the duty-free business. This is offset by our lower NPAT 2017-2023F CAGR forecast of 9.0% from 9.3% as we raise our SG&A assumption to factor in higher-than-expected selling expenses related to new airport retail store openings in 9M 2018, and lower our hotel segment GPM assumption