Taseco Airs (AST) Approves 55% Dividend for 2025, Sets 2026 Profit Target Up 11%

Overview

Taseco Airs (AST), the aviation services provider listed on HOSE, held its 2026 Annual General Meeting on April 25, approving a 55% dividend for 2025 and setting a 2026 business plan with net profit of 360 billion VND, up 10.6% year-on-year. The company reported strong 2025 results, with net profit rising 61% to 325.7 billion VND on revenue of 1,727 billion VND (+30%).

Key Facts

• 2025 consolidated revenue reached 1,727 billion VND, up 30% year-on-year.
• 2025 net profit after tax was 325.7 billion VND, a 61% increase.
• Dividend for 2025 approved at 55%: 25% cash (already paid in October 2025), 20% stock, and 10% cash to be distributed after the AGM.
• 2026 targets: revenue of 2,150 billion VND (+24.5%) and net profit of 360 billion VND (+10.6%).
• Q1 2026 revenue rose approximately 40% and net profit about 70% versus Q1 2025, according to management.
• Duty-free shops contributed 386 billion VND (22% of revenue), while souvenirs (27%) and fast food (23%) were the largest segments.
• Taseco Sai Gon, operating at Tan Son Nhat’s new T3 terminal, generated 291.7 billion VND (16.9% of total revenue).

What Happened

At the 2026 AGM, Taseco Airs shareholders approved the 2025 dividend of 55%, comprising 20% in stock and 10% in cash (after a 25% cash advance paid in October 2025). The company also outlined its 2026 business plan, targeting revenue of 2,150 billion VND and net profit of 360 billion VND, representing growth of 24.5% and 10.6%, respectively. Management noted that Q1 2026 revenue and profit surged approximately 40% and 70% year-on-year, driven by a recovery in international passenger traffic and a 20% increase in airport throughput, as well as successful business model adaptations.

The company highlighted geopolitical risks, particularly the Iran-US tensions in the Middle East, which could disrupt energy supply chains and increase oil price volatility, affecting airlines and passenger sentiment. The board requested shareholder authorization to adjust the 2026 business plan if significant market changes occur.

Market Context

AST shares trade on HOSE and have benefited from the post-pandemic recovery in air travel. The company’s 2025 results exceeded expectations, with net profit growth of 61% outpacing revenue growth, indicating margin expansion. The 2026 guidance implies a more moderate profit growth rate, but the strong Q1 2026 performance suggests upside potential. The aviation services sector in Vietnam is closely tied to international tourism and domestic travel trends, which have been recovering steadily.

Strategic Significance

Taseco Airs is leveraging its concession-based business model at major airports, particularly the new T3 terminal at Tan Son Nhat, to drive growth. The shift toward higher-margin segments like fast food and souvenirs, while duty-free remains a core component, reflects adaptation to changing passenger spending patterns. The 20% stock dividend will increase share count but signals management’s confidence in future earnings. The company’s ability to maintain dividend payouts at elevated levels (55% for 2025) while funding expansion is a key consideration for income-focused investors.

What to Watch

• Q2 2026 earnings release to confirm sustained momentum in passenger traffic and revenue.
• Progress of new concession openings at Tan Son Nhat T3 and other airports.
• Oil price trends and their impact on airline clients and passenger demand.
• Any adjustments to the 2026 business plan if geopolitical risks materialize.
• Dividend policy for 2026, guided at 35-45%, and the mix between cash and stock.