Analyst Pin-board AST: Negative outlook until international tourists return
1H-2020 result was hit severely by the first wave of Covid-19
1H-2020 revenue plunged 55.5% YoY, reaching VND 242 billion due to the impact of Covid-19 outbreak which caused suspension of international commercial flights. AST closed all of its retailing stores in April. Until June, stores at international terminals remained closed due to the entry suspension policy of the Vietnam Government. The reduction of 30% YoY of SG&A expenses mainly thanks to cutting off staff costs by 32% YoY (around 49% staff was cut off compared to Dec 31st ,2019) and reducing points-of-service leasing costs by 36% YoY could not compensate for the drop of revenue, causing an operating loss of VND 12 billion. Owing to an interest income of VND 10 billion, 1H-2020 profit after tax remained positive at VND 0.5 billion.
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