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.

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