AST’s Q1 2019 revenue was VND249bn/USD11mn (+19% YoY, completing 25% of our 2019F) and NPAT-MI was VND48bn/USD2.1mn (+18% YoY, completing 23% of our 2019F). We mainly attribute this solid NPAT-MI growth to the contribution from its recently-acquired duty-free retail business and solid growth from its airport retail segment.