AST posted its 2019 results in which revenue jumped 32% YoY to VND1.1tn (USD49mn) and NPAT-MI climbed 19% YoY to VND191bn (USD8.2mn). We mainly attribute AST’s 2019 revenue growth to a higher number of airport retail stores (non-duty-free) coupled with a contribution from its duty-free retail business Jalux (JDV) that AST acquired a 49% stake of in October 2018 before increasing it to 51% in late Q1 2019. AST’s 2019 NPAT-MI grew at a slower pace, which was mainly due to a spike in SG&A expense.