Preliminary 2019 results are lower than our expectation. GAS announced its 2019 preliminary results with revenue of VND76.6tn (USD3.3bn, +1.3%YoY) and profit before tax (PBT) of VND13.9tn (USD598mn, -4.1%YoY). 2019 revenue and PBT completed 98.1% and 81.4% of our respective full-year forecasts. These prelim results trailed our expectation; this was mainly due to 1) lower-than-expected fuel oil prices (i.e., the YTD fuel oil price average is USD360/ton vs our 2019F assumption of USD385/ton)