AST [OUTPERFORM +14.6%] - Revenue sharing scheme to dampen profit margins

- We lower our target price (TP) by 5% to VND64,500/share and downgrade our rating for AST from BUY to OUTPERFROM. AST’s share price has increased 10% over the last five months. Our lower TP is due to lower NPAT-MI forecasts for 2024F/25F/26F by 27%/17%/1