- AST released Q2 2022 results with revenue of VND135bn (USD5.7mn; +167% YoY) and NPAT-MI of VND14bn (USD600,000) vs Q2 2021’s loss of VND32bn (USD1.4mn).
- AST’s H1 2022 revenue was VND202bn (USD8.8mn; +86% YoY), completing 30% of our 2022 full-year forecast. Meanwhile, AST’s H1 2022 bottom line remained in negative territory (-VND8bn; -USD328,000). We currently forecast AST to achieve positive 2022F NPAT-MI of VND35bn (USD1.5mn). As AST started to generate profit in Q2 2022 on the back of the strong domestic aviation market — and as we expect the international aviation market will continue recover in H2 2022 — we do not see any potential risk to our forecasts, pending a fuller review.