LNG
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...
10
April
Power sector – Preview – [NEUTRAL] – 1Q25F Preview: Hydropower and renewable energy shine
Electricity consumption in 1Q25E is estimated at 73bn kWh (+5% yoy), in which hydropower plants are expected to reach 14bn kWh (+26% yoy), accounting for 19% of production in the...
25
February
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...
04
February
GAS – Earnings Review – [BUY] – 4Q24: New sources of growth
GAS’s 4Q24 revenue grew by 11% yoy (VND24.9tn, 98% of KIS forecast), while gross profit (GP) went flat at VND4.0tn (103% of KIS forecast). 4Q24 NPAT shrank 26% yoy, to...
27
December
Oil & Gas sector – In-depth – [NEUTRAL] – 2025 Outlook: LNG gains the spotlight
We strongly believe that LNG segment could be bright spot for Oil & Gas sector in 2025F. LNG consumption, led by the official run of Nhon Trach 3&4 LNG-fired power...
01
November
GAS – Brief – [NONRATED] – Retreat on the low season
GAS's 3Q24 revenue came in at VND25.3tn (-16% qoq, +14% yoy). Gross profit (GP) was accordingly at VND4.18tn (-13% qoq, +14% yoy), while gross profit margin (GPM) sits at 16.6%...
23
October
CNG – Earning review – [HOLD] – 4Q24: On the recovery trajectory
In 4Q24, CNG recorded robust top-line growth of 42% yoy, coupled with qoq improvements in gross margin. Yet, high SG&A undermined the bottom-line. In 1Q25F, CNG will enjoy booming yoy...
Featured Analysis
Market commentary: Continued growth momentum
VSC – Brief – [NONRATED] – Non-core boosted 1Q25 under cautious outlook
April 2025: The return of real estate issuance
Market commentary: Real Estate leads the market
Derivatives: Breakout session?
Derivatives: Late-session selling pressure
Market commentary: Caution remains
