GAS released Q4 2022 NPAT-MI of VND3.3tn (USD138mn; +65% YoY) as a 27% YoY increase in output gas volume (per our estimates) and 61% YoY higher interest income outweighed a 15% YoY drop in the average fuel oil (FO) price — the benchmark for Vietnam’s gas price.

- For 2022, GAS recorded revenue of VND100.7tn (USD4.3bn; +28% YoY) and NPAT-MI of VND14.8tn (USD627mn; +71% YoY) that were bolstered by strong output gas prices and a recovery of gas output. In terms of gas prices, the average FO price rose 25.9% YoY and the average liquefied petroleum gas (LPG) price increased 15.2% YoY in 2022. Regarding gas demand, we estimate output gas volume increased 8.5% YoY to 7,700 million cbm — equivalent to 96% of our full-year forecast. We attribute the increase in output gas volume to gas demand recovering for power plants/fertilizer producers/industrial parks by 8.7%/5.0%/5.0% YoY, respectively, from a low base due to COVID-19 in 2021.