- 2024-01-30T00:00:00
- Company Research
- AST released its Q4 2023 results with revenue and NPAT that were flat QoQ. Full-year 2023 revenue and NPAT-MI surged 82% and 399%, fulfilling 102% and 95% of our full-year forecasts, respectively.
- We see no potential changes to our forecasts, pending a more extensive review.
- In 2023, foreign and Chinese arrivals reached 69% and 29% of their respective pre-COVID levels. Q4 2023 foreign air passengers recovered 12% vs Q3 2023.
- However, domestic passenger numbers trended down QoQ into a low season, recording a flat level YoY amid weak consumer sentiment. This has put pressure on the recovery of AST’s retail sales. AST’s sales/store in Q4 2023 recovered to 75% of the pre-COVID level, per our estimate.
- AST’s Q4 2023 GPM remained high at nearly 60% in Q4 2023. This number exceeds the 2019 level of 54% thanks to a higher contribution from high-margin food & beverage stores.
- AST’s store count hit 120 by YE2023, a net increase of 5 vs YE2022. The company plans to open 6 new stores in 2024.
AST’s 2023 results
VND bn | Q3 2023 | Q4 2022 | Q4 2023 | Q4 2023 YoY | 2022 | 2023 | 2023 YoY | 2023/ 2023F | 2023F |
Revenue | 285 | 216 | 289 | 34% | 604 | 1,100 | 82% | 102% | 1,077 |
Gross Profit | 168 | 118 | 170 | 44% | 319 | 639 | 100% | 99% | 646 |
SG&A | -129 | -93 | -122 | 32% | -285 | -482 | 69% | 98% | -489 |
Operating Profit | 39 | 26 | 48 | 87% | 34 | 158 | 360% | 101% | 157 |
Financial income | 4 | 4 | 5 | 32% | 10 | 17 | 74% | 100% | 17 |
Financial expense | -1 | -1 | -2 | 23% | -4 | -5 | 15% | 99% | -5 |
Associates | 0 | 0 | -2 | 671% | -3 | 0 | -104% | 5% | 3 |
PBT | 44 | 29 | 50 | 73% | 39 | 178 | 353% | 98% | 181 |
NPAT-MI | 29 | 18 | 29 | 63% | 23 | 116 | 399% | 95% | 122 |
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GPM | 58.9% | 54.6% | 58.8% |
| 52.9% | 58.1% |
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| 60.0% |
SG&A/revenue | 45.2% | 42.9% | 42.3% |
| 47.2% | 43.8% |
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| 45.5% |
OPM | 13.6% | 11.8% | 16.5% |
| 5.7% | 14.3% |
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| 14.5% |
NPM | 13.1% | 11.7% | 13.8% |
| 3.8% | 10.5% |
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| 11.3% |
Source: AST, Vietcap
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