- We cut our target price (TP) for GAS by 6% to VND88,400/share and maintain our OUTPERFORM rating. Our lower TP is mainly due to our 5% lower aggregate 2023-2027F NPAT-MI forecast.

- We cut our aggregate 2023-2027F NPAT-MI forecast by 5% (respective changes of -8%/-10%/-9% for 2023/24/25F) mostly due to our lower gas volume assumption, lower gas volume from cheap gas fields in the Cuu Long basin, and bad debt provision expenses (page 15).

- We forecast 2023F NPAT-MI to decline 18% YoY to VND12.2tn due to our lower output gas price forecasts given our forecasts for 16%/10% lower YoY Brent oil and FO prices, respectively. 

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