GAS - [O-PF 13%] - Huge growth potential in the long haul - Update
We raise our target price for GAS by 22% to VND47,000 and lift our rating to OUTPERFROM. Changes in our methodology affect valuation. We extend our DCF forecast horizon to ten years from five years previously, which helps incorporate the strong long-term growth prospects into our valuation. The incorporation of a multiples-based valuation provides an additional boost.