Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

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<li>Q2 FY2026 revenue of VND 479,324mn grew 21.7% YoY, with net income attributable to parent up 23.2% to VND 77,069mn despite a normalized tax charge.</li>
<li>Growth mix shifted decisively toward services, up 37.7% YoY, while EBITDA margin eased by 31 bps to 22.0%; net cash rose to VND 411,177mn as of 30 June 2026.</li>
<li>At 9.1x FY26E P/E, 5.3x FY26E EV/EBITDA and a 7.7% prospective yield on the model reference price of VND 64,000, the valuation remains undemanding.</li>
</ul>


Q2 FY2026 revenue of VND 479,324mn grew 21.7% YoY, with net income attributable to parent up 23.2% to VND 77,069mn despite a normalized tax charge.
Growth mix shifted decisively toward services, up 37.7% YoY, while EBITDA margin eased by 31 bps to 22.0%; net cash rose to VND 411,177mn as of 30 June 2026.
At 9.1x FY26E P/E, 5.3x FY26E EV/EBITDA and a 7.7% prospective yield on the model reference price of VND 64,000, the valuation remains undemanding.


Taseco Air Services Joint Stock Company (AST VN): Solid Q2FY26 Earnings

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<a href="https://www.smartkarma.com/entities/taseco-air-services-joint-stock-company" target="_blank" data-smartkarma-citation="entities:43881:1" rel="noopener">Taseco Air Services (AST VN)</a> is the leading provider of non-aviation services in Vietnam, with a presence across the country's major tourist destinations. </li>
<li>We expect the company to deliver 15-20% CAGR over FY25-27, underpinned by growth in point-of-sale and tourist arrivals in Vietnam.  </li>
<li>Trading at ~11x PE FY26 (conservatively), net cash, ROCEs ~48% with an expanding margin profile and a &gt;6% dividend yield, this is a company to explore.</li>
</ul>



Taseco Air Services (AST VN) is the leading provider of non-aviation services in Vietnam, with a presence across the country's major tourist destinations. 
We expect the company to deliver 15-20% CAGR over FY25-27, underpinned by growth in point-of-sale and tourist arrivals in Vietnam.  
Trading at ~11x PE FY26 (conservatively), net cash, ROCEs ~48% with an expanding margin profile and a &gt;6% dividend yield, this is a company to explore.


Taseco Air Services (AST VN)- Pure Play On Vietnam Tourism, Net Cash, <11x PE, With ~48% ROCE

<ul>
<li>Q1 FY2026 revenue of VND 555,974mn grew 44.5% YoY, with PAT of VND 100,919mn, up 84.6% YoY, driven by passenger volume expansion and new points of sale.</li>
<li>EBITDA margin expanded 220 bps YoY to 26.0%, and the balance sheet strengthened with net cash of VND 411,721mn at 31 March 2026, against short-term loans of VND 40,983mn.</li>
<li>At approximately 8.3x FY26E P/E and 4.9x FY26E EV/EBITDA, with a 8.4% prospective yield, the stock trades at a material discount relative to its return-on-capital profile.</li>
</ul>


Q1 FY2026 revenue of VND 555,974mn grew 44.5% YoY, with PAT of VND 100,919mn, up 84.6% YoY, driven by passenger volume expansion and new points of sale.
EBITDA margin expanded 220 bps YoY to 26.0%, and the balance sheet strengthened with net cash of VND 411,721mn at 31 March 2026, against short-term loans of VND 40,983mn.
At approximately 8.3x FY26E P/E and 4.9x FY26E EV/EBITDA, with a 8.4% prospective yield, the stock trades at a material discount relative to its return-on-capital profile.


Taseco Air Services (AST VN): Solid Q1FY26, 8.3x PE Travel Retail Monopoly

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<li>We compile our selection of small- and mid-cap names with the desired characteristics of high dividend yields, value, and a margin of safety.</li>
<li>A new initiation makes our top picks list: <a href="https://www.smartkarma.com/insights/taseco-air-services-ast-vn-pure-play-on-vietnam-tourism-net-cash-11x-pe-with-48-roce" target="_blank" data-smartkarma-citation="insights:220071" rel="noopener">Taseco Air Services (AST VN)- Pure Play On Vietnam Tourism, Net Cash, &lt;11x PE, With ~48% ROCE</a> </li>
<li>Our regular top picks are <a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a>, <a href="https://www.smartkarma.com/entities/taste-gourmet-group-ltd" target="_blank" data-smartkarma-citation="entities:27339:1" rel="noopener">Taste Gourmet (8371 HK)</a>, <a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a>, and <a href="https://www.smartkarma.com/entities/ginebra-san-miguel-inc" target="_blank" data-smartkarma-citation="entities:23029:1" rel="noopener">Ginebra San Miguel (GSMI PM)</a>.</li>
</ul>


We compile our selection of small- and mid-cap names with the desired characteristics of high dividend yields, value, and a margin of safety.
A new initiation makes our top picks list: Taseco Air Services (AST VN)- Pure Play On Vietnam Tourism, Net Cash, &lt;11x PE, With ~48% ROCE 
Our regular top picks are The Keepers Holdings (KEEPR PM), Taste Gourmet (8371 HK), Philippine Stock Exchange (PSE PM), and Ginebra San Miguel (GSMI PM).


Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety- February 2026

Vietnam

Taseco Air Services engages in airport commercial services in Vietnam, operating through segments like sales of goods, related services in terminals and airports, and hospitality and catering services. The company offers a range of services including restaurants, mobile food services, retail stores, travel agency, and short-stay accommodations. Taseco Air Services is headquartered in Hanoi, Vietnam, and was founded in 2005.

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Taseco Air Services (AST VN)

Taseco Air Services Joint Stock Company (AST VN): Solid Q2FY26 Earnings

Airport retail monopoly on Vietnam's tourism boom; H1 FY26 earnings up 52%, net cash VND 411bn, 9.1x FY26E PE on a 7.7% yield.

Sameer Taneja