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GAS – FY19F prelim earnings beat target by 46% – Update

Company Note 24/12/2019    129

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  • FY19F preliminary pre-tax profit was VND13,945bn, making up 146.1% of the company’s target and 97.3% of our full-year forecast.
  • GAS’s FY20F guidance is conservative given cautious oil price assumptions.
  • Maintain Hold and TP of VND105,700, based on an equal weighting of DCF and target P/E of 18x on average FY19-20F EPS.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND95,800

VND105,700

5.63%

HOLD

OIL & GAS

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