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%.
Featured Analysis
Derivatives: Caution increases
Market commentary: Real Estate bucked the market trend
GEG – Earnings Review – [HOLD] – 1Q25: Profit takes off, wind power surging
SBV withdraws significantly
Covered warrant: Positive development
Derivatives: Profit-taking pressure
Market commentary: Supply pressure dominates
