GAS [OUTPERFORM +18.4%] - New Wild Orchid gas field has double impact on GAS earnings - Update
  • 12 Dec 2017
  • Company Research
We raise our target price for GAS by 70% mainly due to: 1) contribution of Phong Lan Dai gas field which helps the gas supply outlook as well as margins, 2) a 15.3% higher fuel oil price assumption, 3) a surge in peer P/E from 15.8x to 22.0x and 4) a 80 b