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GAS [M-PF -7.9%] - Improved earnings prospects but stock now fully valued - Update

We raise our target price for GAS by 20%, but downgrade the stock from O-PF to M-PF as the price has increased 46% since our last update. An increase in oil price assumptions, higher sales volume and a higher peer group valuation P/E multiple are the primary drivers of our TP increase.Q1 38.3% earnings decline was in line with our forecast. GAS’s Q1 recurring earnings declined by 38.3% YoY to VND1.31 trillion (USD58 million) despite flat sales volume as output prices declined by 16%,