AST’s unaudited results were in line with our forecast, with 2018 revenue up 31.2% YoY to VND865bn (USD38mn, 96.8% of our forecast) while reported NPAT-MI was up 9.2% YoY to VND161bn (USD7mn, 99.6% of our forecast). Adjusted for a one-off financial gain in 2017, AST’s recurring NPAT was up 28.9% YoY.