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GAS – Challenging times ahead – Initiation

Company Note 28/03/2019    226

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  • 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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