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GAS [MARKET PERFORM, -1.9%] - Strong fuel oil price bolsters industrial park segment - Update

We reduce our target price for GAS by a marginal 0.5% despite raising our reported earnings forecast for 2017 and 2018 by 6.6% and 21.2% respectively (mainly due to an 11% increase in fuel oil price), as the peer P/E has declined from 22.2x to 15.8x over the past four months. We expect 2017 recurring NPAT will grow 45.9% YoY while reported NPAT grows 13.9% YoY.