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GAS – Dimmer outlook due to weak oil price – Update

Company Note 19/02/2020    126

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  • FY19 net profit beat our forecast by 7.4% due to higher-than-expected interest income and lower interest expense.
  • We lower our FY20-21F EPS by 17.0-2.6% as we cut our base-case oil price assumption to US$62-65/bbl.
  • Reiterate Hold with a lower target price of VND95,700.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND86,000

VND95,700

4.65%

HOLD

OIL & GAS

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