GAS
02
February
GAS – Earnings Review – [HOLD] – 4Q25: NPAT pressured by bad debt provision
GAS recorded 4Q25 revenue of VND43.7tn (+75% yoy, +22% qoq, ~97% of KIS’s forecast), driven by robust growth in international LPG trading activities and higher LNG volume for power generation....
29
January
CNG – Earnings review – [HOLD] – 4Q25: Sacrificing profit for market expansion
4Q25 revenue reached VND1,570bn (+49% yoy, ~95% of KIS’s forecast). Gas volume, as estimated by the company, came in at 130mn Sm³ (+64% yoy). Notably, revenue from trading activities (LPG/LNG),...
10
November
GAS – Earnings Review – [BUY] – 3Q25: Net profit is on par with forecast
Facts: revenue widened but profit flatted GAS posted 3Q25 revenue of VND35.7tn (+41% yoy, +19% qoq), exceeding our forecast by 29%, mainly thanks to stronger LPG international trading activities and...
24
October
CNG – Earnings review – [HOLD] – 3Q25: Sacrificing profit for market expansion
∙ 3Q25 volume and revenue upped 22% and 18% yoy ∙ 3Q25 NPAT reached VND26bn, -4% yoy ∙ Selling expenses surged on aggressive market expansion
01
August
GAS – Earnings Review – [BUY] – 2Q25: One-off provision reversal boosted bottom line
GAS’s 2Q25 revenue flatted at VND30.1tn, fulfilling 96% of KIS’s forecast. Gross profit (GP) reached VND4.95tn (-14% yoy), reaching 99% our forecast. Gross profit margin (GPM) remained stable at 16.5%...
21
July
CNG – Earnings review – [HOLD] – 2Q25: Aggressive expansion strategy
CNG's 2Q25 volume and revenue upped 36% and 30% yoy CNG's 2Q25 NPAT reached VND37bn, -17% yoy Selling expenses surged on aggressive market expansion
04
July
Oil & Gas – In-depth – [NEUTRAL] – 2H25 Outlook: Tailwinds at home, headwinds abroad
Natural gas: Natural gas (include LNG) is expected to grow by 11% in 2H25F mainly thanks to the commercial operations of Nhon Trach 3 (from Sept) and Nhon Trach 4...
06
May
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...
24
April
CNG – Earnings review – [HOLD] – 1Q25: Recovery is hitting a rough patch
1Q25 volume and revenue upped 35% yoy from the low base, fulfilling 88% and 83% of our forecast. Gross profit grew 69% yoy, fulfilling 68% of our forecast. NPAT was...
Featured Analysis
Power – In-depth – [NEUTRAL] – 2026 Outlook: Thermal power cycle returns
Derivatives: Supported around the MA50
Market commentary: Market reversal
Derivatives: Bottom-fishing demand
Market commentary: Late-session demand
Derivatives: Bearish trend
Market commentary: Selling pressure persists
