AST released Q1 2021 results with revenue dropping 70% YoY to VND58bn (USD8.4mn). The company incurred a loss of VND30bn (USD1.3mn) vs net profit of VND14bn (USD600,000) in Q1 2020. We note that the impact of COVID-19 started in March 2020. AST’s Q1 2021 revenue only completed 7% of our 2021 projection. We currently forecast that AST will make net profit of VND65bn (USD2.8mn) in 2021.