GAS - LNG imports to be ready in July to increase volume - AGM Note

- 140 shareholders (representing 95.8% of total outstanding shares) attended GAS’s AGM on May 25. The meeting mainly discussed the company’s business guidance for 2023, the importation of LNG, the progress of Block B project and the impact of oil prices on GAS’s profit.

- Shareholders approved 2023 guidance for revenue of VND76tn (USD3bn; -24% YoY) and NPAT of VND6.5tn (USD277mn; -57% YoY), assuming an average Brent oil price of USD70/bbl and a gas sales volume of 7.7 billion cbm (flat YoY). In our view, GAS’s oil price assumption and net profit guidance are conservative. GAS also proposed to revise its guidance at a later date in accordance with actual oil prices and gas volume.

- Shareholders approved a plan to increase GAS’s charter capital by 20% to VND22,967bn through issuing common shares to existing shareholders in 2023.

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