We revise down our TP nominally by 2.2% to VND120,200 (13.4% upside, 16.5% TSR) and rate OP rating to account for 5.9% decline in FY16E’s recurring EPS in our valuation model. We expect that GAS will enjoy 19.9% output price increase YoY for power plants’s above ToP volume in FY15E and recognize unbooked revenues of USD150mn in 2H14. GAS is trading on FY15E P/E of 12.6x, a 27.8% discount compared to regional peers.