AST – Q4 comparable to Q3, in line with our expectations – Earnings Flash
  • 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


 

 

 

 

 

 

 

 

 

GPM

58.9%

54.6%

58.8%

 

52.9%

58.1%

 

 

60.0%

SG&A/revenue

45.2%

42.9%

42.3%

 

47.2%

43.8%

 

 

45.5%

OPM

13.6%

11.8%

16.5%

 

5.7%

14.3%

 

 

14.5%

NPM

13.1%

11.7%

13.8%

 

3.8%

10.5%

 

 

11.3%

Source: AST, Vietcap

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