GAS – FY19F prelim earnings beat target by 46% – Update

• FY19F preliminary pre-tax profit was VND13,945bn, making up 146.1% of the company’s target and 97.3% of our full-year forecast.
• GAS’s FY20F guidance is conservative given cautious oil price assumptions.
• Maintain Hold and TP of VND105,700, based on an equal weighting of DCF and target P/E of 18x on average FY19-20F EPS.

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