GAS – 1Q20 results: No major surprises – Earnings Flash

• GAS reported 1Q20 net profit of VND2,333bn (-23.0% yoy), in line at 33.6% of our full-year forecast.
• We think 2Q20F would be severely hit by the oil price decline, assuming oil prices bottom in 2Q20F and recover in 2H20F.
• Reiterate Hold and TP of VND61,800.

Please follow this link for the full report