We raise our target price (TP) for AST by 32% to VND63,200/share and upgrade our rating to OUTPERFORM from MARKET PERFORM. Our higher TP is mainly driven by our change in the terminal year in our DCF valuation model from 2024 to 2030 to capture our expected recovery of the aviation sector and the opportunities for AST to open additional stores in Tan Son Nhat T3 and Long Thanh International Airport, which are expected to be completed in 2024 and 2025, respectively. Rolling over our DCF-bas