AST posted its 9M 2019 results in which revenue jumped 32% YoY to VND845bn (USD36mn) and NPAT-MI spiked 29% YoY to VND154bn (USD6.6mn). We mainly attribute AST’s 9M 2019 NPAT-MI growth to a higher number of airport retail stores (non-duty-free) coupled with a contribution from its duty-free retail business Jalux (JDV), of which AST acquired a 49% stake in October 2018 before increasing it to 51% in late Q1 2019. In Q3 2019, AST’s revenue increased 33% YoY and NPAT-MI rose 16% YoY.