GAS – Higher TOP price could outweigh higher costs – Update
- 1H19 net profit increased 6.3% yoy, forming 80.1% of management’s FY19F guidance and 53.1% of our full-year forecast.
- We raise our FY19-21F EPS by 7.8-34.2% to reflect a 1-20% increase in TOP gas price, offsetting higher decommissioning costs (total c.VND2.3tr).
- Maintain Hold with a higher target price of VND105,700.
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
|
VND109,000
|
VND105,700
|
5.28%
|
HOLD
|
OIL & GAS
|
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