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GAS – Weak oil price casts a shadow on 3Q results – Update

Company Note 29/10/2019    161

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  • GAS’s 3Q19 net profit fell 9.9% yoy due to lower gas selling price (average FO price declined 14.3% yoy) and an 8.0% yoy rise in operating costs.
  • 9M19 net profit was fairly in line with our expectation at VND8,933bn (+0.6% yoy), accounting for 80.3% of our full-year forecast.
  • We maintain our Hold rating with a TP of VND105,700.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND102,200

VND105,700

5.63%

HOLD

OIL & GAS

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