1H18 earnings was just reported by Taseco Air Services JSC (HoSE: AST). Below is news on the earnings release and a comment by our analyst, Mr. Tung Do. If you have any questions on the earnings release or would like to have a call with our analyst on it then please let me know. I have attached our previously issued report of May 2018 on AST for your reference.

Taseco Air Services JSC (HoSE: AST) has announced 1H18 business result. Net revenue was posted at VND417.3bn, up 39% YoY. In particular, sales activities accounted for 56.5%, the rest came from service delivery. According to Taseco Airs, revenue has seen a high growth YoY due to the fact that its business locations at Da Nang International Airport have operated steadily (business locations of Taseco Da Nang opened in May 2017, so 1H17 only have the business results of January).

In addition, the operating locations at the end of 2017 at Noi Bai International Airport also led to stable business. The number of passengers traveling by air in 1H18 grew by over 20%, the demand for shopping services of customers also increased. At the same time, the company concentrated on restructuring its products and selling new products.

Excluding expenses, AST posted a net profit of VND76.8bn, slightly down YoY, due to the company had to record the accumulated losses from the consolidation of business results of the associate company – VinaCS Joint Stock Company (VinaCS) is VND9bn.

On the other hand, in 2017, Taseco Airs received additional profit from investment cooperation in financial income of nearly VND16bn from Taseco Oceanview Da Nang Co., Ltd. – Subsidiary of Taseco Airs.

Looking at the core business segment, the company’s net profit increased 38%.

In 1H18, total assets increased 11% compared to the beginning of the period, reaching VND696bn. Short-term assets accounted for 48%, mainly cash and cash equivalents was VND228bn. Long-term assets are concentrated in fixed assets.

PAT as of June was VND104bn, besides the unregulated shareholder profit of VND5bn.

Related news on NHD.vn


EBT from core business (exclude one-off profit last year and loss from JV this year) up 39% YoY, better than my expectation of 26%. The loss from JV is worse than expected (-VND 9Bn in 1H2018 vs my forecasted loss of VND 4 bn for 2018). However, in the end, I think the net effect is still positive given the superior growth in core business. I will revise the valuation for AST for such changes and inform you afterwards.


Taseco Air Services Joint Stock Company provides airport support services. The Company offers short stay accommodation, tourism, pick-up and see-off, food and beverage, advertising, massage, foreign exchange, catering, and hotel services. Taseco Air Services serves customers in Vietnam.


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