GAS – Higher TOP price could outweigh higher costs – Update

• 1H19 net profit increased 6.3% yoy, forming 80.1% of management’s FY19F guidance and 53.1% of our full-year forecast.
• We raise our FY19-21F EPS by 7.8-34.2% to reflect a 1-20% increase in TOP gas price, offsetting higher decommissioning costs (total c.VND2.3tr).
• Maintain Hold with a higher target price of VND105,700.

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