- We keep our TP nearly unchanged and maintain a BUY rating for GAS. We expect GAS will continue to benefit from near-term high oil/gas prices while the company’s long-term growth should be bolstered by a robust growth outlook from importing LNG to Vietnam.

- Following our ~11% increase in 2022-2023F fuel oil (FO) prices as published in our July 20, 2022 Energy Sector Update, we raise 2022/2023F NPAT-MI by 8.3%/17.0%. In addition, we maintain our 2024-2026F NPAT-MI broadly unchanged. These revisions offset the impact of raising our WACC by 50 bps and lead to our nearly unchanged TP. 

- We forecast 2022F NPAT-MI growth of 56.3% YoY thanks to FO/LPG price increases of 37.9%/20.6% YoY, respectively, and a sales volume recovery of 12.6% YoY. 

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