External broker reports(aggregated public sources), Vietcap

Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We lower our target price (TP) by 5% to VND64,500/share and downgrade our rating for AST from BUY to OUTPERFROM.</li><li>AST’s share price has increased 10% over the last five months.</li><li>Our lower TP is due to lower NPAT-MI forecasts for 2024F/25F/26F by 27%/17%/15%, respectively, partly offset by rolling our TP horizon from end-2024 to mid-2025.</li></ul><p><em>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.</em></p>

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%/15%, respectively, partly offset by rolling our TP horizon from end-2024 to mid-2025.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 [OUTPERFORM +14.6%] - Revenue sharing scheme to dampen profit margins - Update

Taseco Air Services

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