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GAS - BUY - Strong demand from power plants - Update

GAS posted better-than-expected 1Q earnings (+23% yoy increase) in operating profit as demand from gas-fuelled power plants rose. The results affirm our view that power plants will lead to stable 20% earnings growth, mostly on output volume, for the next 3 years. We reiterate our BUY rating on a revised DCF-derived 12-month target price of VND72,900.