GAS released unaudited 2018 results in which revenue was VND75.6tn (USD3.3bn, +17.2% YoY) and NPAT-MI was VND12.1tn (USD523mn, +24.9% YoY). Official PBT of VND15.3tn (USD661mn) is 9.0% higher than preliminary PBT. We assume this is due to: 1) a higher fuel oil price than expected, 2) higher gas volume allocated to the industrial park segment (the highest margin segment) in Q4 when the oil price plunged, which helped to protect margin.