GAS – Challenging times ahead – Initiation
- We expect a flat oil price outlook to weigh on PetroVietnam Gas’s (GAS) sales growth. We forecast EPS to decrease by 7.8% p.a in FY18-21F.
- Depleting gas supply to put pressure on input costs, while demand growth and capacity expansion should partly offset rising costs.
- Initiate coverage with a Hold rating and target price of VND91,600.
|
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
|
|
VND97,200
|
VND91,600
|
4.24%
|
HOLD
|
OIL & GAS
|
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