GAS – Unclear benefit from higher take-or-pay ASP – Update
- GAS enjoyed higher gas selling price in 1Q19 on top of rising oil price (+8.4% yoy) and increased price applied to take-or-pay (TOP) volume.
- 1Q19 net profit was fairly in line with our expectation at VND3,029bn (+16.2% yoy), accounting for 29.4% of our full-year forecast.
- We maintain our rating and TP for now.
|
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
|
|
VND112,200
|
VND91,600
|
3.68%
|
HOLD
|
OIL & GAS
|
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