GAS_Update Q1.2026

At the end of Q1.2026, the Company achieved revenue of 38,019 billion VND (+48.1% yoy, completing 27% of the year’s plan) but NPAT only reached 2,994 billion VND (+8.4% yoy, completing 33% of the year’s plan). Gross profit margin decreased from 15.9% to 11.9%.

PV GAS estimates Q2.2026 revenue to reach nearly 37,000 billion VND (+23% yoy), EBT to reach over 4,200 billion VND (same period reached 5,981 billion VND). The company gave a conservative estimate due to the prolonged war in the Middle East, causing fluctuation in LNG and LPG gas prices.

GAS’s 2026 business outlook: Positive due to the following factors

(1) Natural gas demand from domestic projects keeps GAS’s natural gas consumption stable, (2) LNG revenue grows when the Nhon Trach 3 & 4 power plants goes into full operation: GAS expects to supply 1 million tons of LNG/year for the above two plants, and (3) LPG business is positive thanks to the growth of domestic and export demand.

Using the discounted cash flow (DCF) method, GAS target price is VND 102,800/share by the end of 2026 (24% upside potential). Rating: BUY.