AST - Realistic recovery guidance - AGM Note

AST held its AGM in Hanoi on June 23.

Management guides for revenue of VND632bn (USD27.5mn; +311% YoY) and PBT of VND23bn (USD1mn; +118% YoY) in 2022. AST's revenue target is equal to 92% of our full-year forecast of VND685bn (USD29.8mn) and its PBT target accounts for 60% of our full-year forecast of VND39bn (USD1.7mn). As a result, we see potential downside risk to our 2022 PBT forecast, pending a fuller review.

Shareholders approved to pay no dividend from 2021’s retained earnings but approved a 3% revenue allocation for bonus & welfare fund in 2022 after a pause in the previous year.