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GAS – Unclear benefit from higher take-or-pay ASP – Update

Company Note 24/04/2019    171

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  • 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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