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GAS - Solid Q1 result, in line with expectation - Earnings Flash

GAS released robust Q1 results in which revenue reached VND18.2tn (USD800mn, +11.8% YoY) while reported NPAT jumped to VND2.6tn (USD115mn, +19.9% YoY), mainly due to higher oil prices. This profit accounts for 25.5% of our 2018 forecast. We may maintain our target price for GAS in our upcoming update report.