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GAS - BUY - Gas is great! - Results

We reiterate our BUY recommendation with a target price of VND50,300 (upside 29%). 9MFY12 results were above our expectations with 6.4% yoy growth in revenue and 64.2% yoy growth in net profit. Its gross profit margin improved to 20.6% in 9MFY12 from 15.0% in 9MFY11, thanks to contributions from dry gas and in-house LPG products. We forecast another 17% yoy earnings growth in FY13 due to higher production volume in the Cuu Long basin.