GAS – Weak oil price casts a shadow on 3Q results – Update

• GAS’s 3Q19 net profit fell 9.9% yoy due to lower gas selling price (average FO price declined 14.3% yoy) and an 8.0% yoy rise in operating costs.
• 9M19 net profit was fairly in line with our expectation at VND8,933bn (+0.6% yoy), accounting for 80.3% of our full-year forecast.
• We maintain our Hold rating with a TP of VND105,700.

Please follow this link for the full report