GAS posted Q1 2020 results with revenue of VND17.1tn (USD734mn; -8.3% YoY) and NPAT-MI of VND2.3tn (USD100mn; -23.0%YoY), which was due to fuel oil prices plunging of ~32% YoY and a 10% YoY decline in gas sales volume — despite the solid performance of the LPG segment as LPG prices and volume rose 12% YoY and 10% YoY, respectively. Q1 2020 revenue and NPAT-MI completed 27.6% and 41.6% of our respective full-year forecasts. However, we assume these results included the continued profit