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AST [BUY +31.7%] - On the wings of Vietnam’s burgeoning tourism boom - Initiation

We initiate on AST with a BUY rating and a target price of VND84,600, implying a total stock return of 31.7%, inclusive of a 4.5% dividend yield. We expect AST’s recurring NPAT to grow at a CAGR of 23.4% over 2017-2020 on the back of 35 new airport retail stores (non duty-free) over 2018-2020, same store sales growth (SSSG) of 7%-9% p.a. and stable income from AST’s hotel in Da Nang.