We attended GAS’s AGM today. Shareholders raised questions about the negative impact of COVID-19, progress of new projects and potential changes to the reference oil price in the gas price formula. GAS guides for 2020 revenue of VND66.2tn (USD2.7bn; -12.2% YoY) and NPAT-MI of VND6.6tn (USD285mn; -44.5% YoY) based on an oil price assumption of USD60/bbl.