We reiterate a BUY with target price of VND47,300 (upside 21%). GAS earned VND2,403/share in 1H2012 hitting 76% of their full year guidance (VND3,150/share) on the back of volume and price increase. We had already thought the guidance was too conservative but the results are stronger than our forecasts. We saw increased demand coming from the power plants and new consumption from the Ca Mau fertilizer plant. Selling prices for natural gas and LPG were also higher than our forecasts.