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GAS [O-PF +13.9%] – Soft outlook for next two years – Update

Reiterate TP of VND 67,600, with a total stock return of 13.9% including dividend yield of 4.8%, we rate the stock at O-PF. GAS is trading at PER of 12.5x VCSC FY15 EPS of VND 4,970 vs. peers’ FY15 PER of 16.4x. Market pricing for AToP volume not yet incorporated into financials. Financial investment of 5% in Block B-O Mon gas field may cost GAS about USD 60m upfront but first gas won’t be until 2019-2020.