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GAS [OUTPERFORM +12.9%] - Attractive dividend play without change in gas price mechanism - Update

On April 18, we published an Update Report - based on the AGM and preliminary Q1 results - in which we increased our target price by 8.1% and improved our recommendation from MARKET PERFORM to OUTPERFORM. Official Q1 results showed NPAT 3.6% higher than preliminary numbers we had used. However, we maintain our target price and keep our OUTPERFORM rating with 12.9% total return. We also retain our 2017 & 2018 EPS growth forecast of 10.4% and 0%, respectively.