- AST released its Q3 2023 results with revenue increasing 9% QoQ but NPAT edging down 6% QoQ.  9M 2023 revenue and NPAT achieve 63% and 51% of our respective full-year forecasts.

- In 10M 2023, foreign and Chinese arrivals reached 69% and 29% of their respective pre-COVID levels. Q3 2023 foreign air passengers recovered 15% vs Q2 2023.

- However, domestic passenger numbers were flat QoQ. As such, total air passengers only edged up 5% QoQ in Q3 2023.

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