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

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>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