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GAS [O-PF +15.0%] - Attractive dividend while waiting for new projects - AGM Note

We attended GAS’s AGM yesterday, which was quite positive. We raise our target price 8.1% and upgrade to O-PF due to retroactive revenue from the Cuu Long gas pipeline and a higher dividend. Most investor questions focused on GAS’s oil price forecast, conservative guidance for 2016, the change in tariff for the Cuu Long gas pipeline, progress of new projects as well as the investment in upstream. We raise our 2017 EPS growth forecast to 10.4% compared to -0.7% previously.