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GAS - Full booking of retroactive profit bolsters Q4 results - Earnings Flash

GAS released 2016 results with reported NPAT surpassing our forecast by 13.3% due to the full booking of retroactive profit from the Phu My & Ho Chi Minh gas pipeline (USD85 million/VND1.97 trillion) instead of half of the total amount which we had expected. Meanwhile, recurring NPAT was within our expectation. Given that the share price is down 10% since our latest update, the current downside based on our target price puts GAS at an UNDERPERFORM rating instead of our SELL