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GAS [M-PF +5.0%] - Value from upstream venture outweighs possible lower oil price - Update

We raise our target price for GAS by 9.1% and upgrade from U-PF to M-PF as we boost the terminal growth rate to incorporate the potential value of a 25% stake in the White Lion phase 2 gas field. 2017’s EPS is flat due to retroactive profit in 2016, but core EPS is expected to grow by 28.4% with a recovery in oil prices and a higher tariff for Thien Ung-Dai Hung gas field.