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GAS - UNDERPERFORM - Target price lowered as oil weigh on earnings - Update

We lower TP to VND67,600 from VND98,800, downgrade from MP to UP as low oil prices prompt a cut to our FY15 earnings outlook. We forecast 29% drop in recurring earnings in 2015 at USD60/bbl oil. GAS is trading at P/E 15.8x FY15E EPS, a nominal discount compared to its regional peers.