GAS posted 9M results with revenue of VND58tn (USD2.5bn, +2.5%YoY) and NPAT-MI of VND8.9tn (USD383mn, -0.2%YoY). The flat NPAT-MI was mainly due to gas volume growth of 3.5% that offset lower fuel oil (benchmark for output gas price) and LPG prices. 9M revenue and NPAT-MI completed 73.8% and 65.3% of our respective full-year forecasts.