External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li style="text-align: justify;">We lower our target price (TP) for GAS by 4% to VND90,000/share but maintain our BUY rating.</li><li style="text-align: justify;">Our lower TP is mainly due to (1) a 13% lower DCF valuation following our 6% lower aggregate 2026-30F NPAT-MI projection and raising WACC to 14.4% from 13.6% (page 5).</li><li style="text-align: justify;">These factors outweigh (2) a 4% higher multiple valuation (+4% projected 2026F earnings) and (3) positive impacts from rolling our TP forward to mid-2027.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We lower our target price (TP) for GAS by 4% to VND90,000/share but maintain our BUY rating.Our lower TP is mainly due to (1) a 13% lower DCF valuation following our 6% lower aggregate 2026-30F NPAT-MI projection and raising WACC to 14.4% from 13.6% (page 5).These factors outweigh (2) a 4% higher multiple valuation (+4% projected 2026F earnings) and (3) positive impacts from rolling our TP forward to mid-2027.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GAS [BUY +39.0%] - El Nino Conditions to Fuel 2027 Volume, NPAT Growth

Petrovietnam Gas

GAS [BUY +39.0%] - El Nino Conditions to Fuel 2027 Volume, NPAT Growth