GAS – In-depth – [BUY +16%] – Adopting new sources of growth

We maintain a BUY rating for GAS stock with a target price of VND79,300/share for long-term investment strategies: 

• Despite a vibrant LNG segment, high provisions and a poorer oil price landscape could be the drawbacks for GAS stock in 2025F.
• By 2026F, we expect GAS’s NPAT growth could pick up the pace, which could make way for valuation improvement. This is thanks to (1) released provision pressures under improving electricity price of EVN and (2) a sound LNG segment thanks to Nhon Trach 3&4 whole-year operation and rising gas demand. And (3) Block B’s first gas introduces a new sustainable source of growth by 2028-29F.