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GAS - 9M results beat expectation on strong oil price - Earnings Flash

GAS released robust Q3 results with NPAT jumping by 68.4% YoY to VND3.2tn (USD137.4mn) and 9M NPAT growing by 50.3% YoY to VND8.9tn (USD381mn). The main reasons were the strong oil price and solid volume growth apart from VND500bn (USD21.4mn) of abnormal profit from the condensate segment. 9M reported and recurring NPAT accounts for 77.1% and 72.8% of our 2018 forecasts, respectively.