- We raise our target price (TP) for GAS by 6.7% to VND87,500/share and maintain our OUTPERFORM rating. Our higher TP is due to our 3.3%/3.9% higher aggregate earnings for 2024-2028F (respective changes of +5%/+10%/+15%/+3%/-6% for 2024/25/26/27/28F) and 2024-2033F, respectively, and higher valuation from P/E method (page 5).

- We raise our aggregate 5-year and 10-year NPAT-MI forecasts primarily due to: 1) higher fuel oil (FO) price assumption for 2024/25F, 2) ~24% higher volume from cheap gas fields, 3) the incorporation of the Nam Du – U Minh, Khanh My – Dam Doi, & Thien Nga-Hai Au gas fields, and 4) higher projected volume for Son My LNG with its phase 2 (details on page 4).

- These factors outweigh ~8% lower gas volume in 2024-2028F (from other gas fields such as Hai Thach – Moc Tinh and White Lion phase 2B). 

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