External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We lower our target price (TP) by 6% to VND60,600/share, but upgrade our rating for AST from OUTPERFORM to BUY as the share price has decreased by 10% in the last four months. </li><li>Our lower TP is due to a 13% decrease in our 2025F-2030F aggregate NPAT-MI forecast, partially offset by rolling our TP horizon to end-2025.</li><li>We forecast 2025F/26F/27F NPAT-MI growth of 30%/20%/22% YoY, respectively, driven by (1) growth of the projected number of air passengers at 8%/8%/15% YoY, (2) the opening of new stores at Tan Son Nhat T3, Noi Bai T2, and Long Thanh International Airport (LTA), and (3) the company’s strategy to optimize costs and enhance operational efficiency.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We lower our target price (TP) by 6% to VND60,600/share, but upgrade our rating for AST from OUTPERFORM to BUY as the share price has decreased by 10% in the last four months. Our lower TP is due to a 13% decrease in our 2025F-2030F aggregate NPAT-MI forecast, partially offset by rolling our TP horizon to end-2025.We forecast 2025F/26F/27F NPAT-MI growth of 30%/20%/22% YoY, respectively, driven by (1) growth of the projected number of air passengers at 8%/8%/15% YoY, (2) the opening of new stores at Tan Son Nhat T3, Noi Bai T2, and Long Thanh International Airport (LTA), and (3) the company’s strategy to optimize costs and enhance operational efficiency.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AST [BUY +20.0%] - NPAT-MI on track to rebound to 2019 level in 2025 - Update

Taseco Air Services

AST [BUY +20.0%] - NPAT-MI on track to rebound to 2019 level in 2025 - Update