We cut our target price (TP) for AST by 20.8% to VND49,500/share and reiterate our MARKET PERFORM rating. AST’s share price has decreased 22% in the past three months. Our lower TP is mainly driven by cuts in our NPAT-MI forecasts in 2021/22/23/24/25F of 278%/58%/37%/38%/29% to reflect the slower recovery of the airport retail, hotel and air-catering businesses, which are partially offset by the positive effects of rolling over our TP to mid-2022 (previously to end-2021) and lowering our WACC