GAS – Earnings Review – [BUY] – 1Q25: Bad debt eased

GAS’s 1Q25 revenue rose 10% yoy to VND25.7tn, fulfilling 95% of KIS’s forecast. Gross profit reached VND4.09tn, slightly exceeding expectations at 103% of our forecast. Notably, GAS made no further provision for doubtful receivables in 1Q25. 1Q25 NPAT grew by 9% yoy to VND2.76tn, surpassing our forecast at 118%.