AST held its 2020 AGM in Hanoi on June 26, 2020. The company released its H1 2020 preliminary results with a loss of around VND7bn vs NPAT-MI of VND103bn in H1 2019.Management guided for revenue of VND575bn (USD25mn; -49.6% YoY) and pre-tax profit of VND12bn (USD530,000; -96.3% YoY) in 2020. As AST’s targeted revenue and pre-tax profit targets are equal to 81% and 32% of our respective full-year forecasts, we see potential downside risk to our forecast, pending a fuller review.