GAS released robust Q1 earnings, with PBT 27% higher than the preliminary number previously announced in the AGM in addition to NPAT-MI growth of 16% YoY. This NPAT accounts for 24% of our 2019 forecast. One of the reasons for this strong profit growth is a robust medium fuel oil price (MFO - the benchmark to calculate gas prices) in Q1, 2019 which was up 8.4% YoY. Notably, the company explains that the removal of below take-or-pay gas price provides a benefit.