AST’s released Q3 2020 results with revenue of VND55bn/USD2.4mn (-82% YoY) and a net loss of VND28bn/USD1.2mn vs net profit of VND51bn/USD2.2mn in Q3 2019. AST’s 9M 2020 revenue was VND297bn/USD12.8mn (-65% YoY) — completing 60% of our 2020 forecast — while the airport retailer incurred a loss of VND28bn/USD1.2mn in 9M 2020 vs net profit of VND154bn/USD6.6mn in 9M 2019 and our 2020 forecast of VND6bn/USD2.6mn.