- We maintain our target price (TP) for GAS at VND76,100/share but upgrade our rating to BUY from OUTPERFORM as the share price has declined 8% over the past three months.
- Our unchanged TP is driven by our (1) 1.6% higher multiple valuation, reflecting our use of 2026F NPAT-MI instead of 2025-26F average previously, which offsets (2) a 0.7% lower DCF valuation (following 2.8% lower aggregate 2025-29F NPAT-MI).
- Our lower aggregate 2025-29F NPAT-MI projection (respective changes of +0.9%/-0.3%/-5.2%/-6.7%/-0.8% for 2025/26/27/28/29F) is mainly driven by our projected 4% lower aggregate gas sales volume (11% lower LNG sales volume due to higher-than-expected 2026 domestic gas volume, potential higher hydro output, and higher-than-expected LNG prices over 2027-2029 to weigh on LNG demand). This outweighs a 1% higher average 2025-29F FO price assumption and a 9% increase in LPG gross profit supported by stronger LPG trading.
Powered by Froala Editor
