Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 18 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. 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 Analyst

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

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

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

<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