- GAS released Q1 2023 revenue of VND21tn (USD899mn; -21% YoY) and NPAT-MI of VND3.4tn (USD142mn; -2% YoY).

- We attribute the 21% YoY decrease in Q1 2023 revenue to lower output gas prices and lower output gas volume. However, NPAT-MI was relatively flat YoY thanks to 1) lower-than-expected COGS (which completed 21% of our full-year forecast), 2) a 105% YoY increase in financial income (mainly due to higher interest rates and the cash & cash equivalent balance increasing 7% vs end-2022 despite higher receivables from power plants) and 3) a 26% YoY decrease in financial expenses (mainly due to a lower debt balance).