We trim our target price (TP) for AST by 1.1% to VND62,500/share and downgrade our rating to MARKET PERFORM as the stock price has increased 22% in the past three months. Our lower TP is mainly driven by our 27% cut to our 2021F NPAT-MI forecast from VND89bn (USD3.8mn) to VND65bn (USD2.8mn), which is partially offset by a 9% increase in our aggregate NPAT-MI forecast for 2022-2030F.