AST released Q1 2020 results in which revenue dropped 21% YoY to VND196bn (USD8.4mn) and NPAT-MI plunged 71% YoY to VND14bn (USD603,000). We mainly attribute the revenue drop to the poor performance of the airport retailing business, which has been severely impacted by COVID-19. Operating income was further hit by rising SG&A expenses that were mainly derived from higher leasing and labor costs. As AST’s revenue and NPAT-MI only met 18% and 11% of our current forecast, respectively, we see dow