Our lower TP is mainly driven by a 12% cut in our aggregate 2020F-2023F NPAT-MI forecast (-85%/-19%/-10%/-1% for 2020/21/22/23F, respectively). This cut is underpinned by (1) 21/1/1-ppt decrease in our same store sales growth (SSSG) assumptions in 2020/21/22F to -64%/27%/14% and (2) a decline in our assumption for new retail stores by one store in each year in 2021/22F. We now assume that AST will have a total of 104 airport retail stores in 2022F.