Company Insight

Initiating coverage with a BUY rating and a target price of VND 94,500

PetroVietnam Gas Joint Stock Corporation (PV GAS) (HOSE: GAS) is Vietnam’s leading gas company, holding a dominant position in the dry gas trading and distribution segment. Its product portfolio includes natural gas, LPG, CNG, low-pressure gas, condensate, and LNG, which are primarily supplied to power plants, fertilizer producers, and industrial customers. Against the backdrop of rapidly rising LNG demand for power generation, we expect GAS to deliver steady growth over the next decade. Using a blended valuation approach based on FCFF and P/E, we initiate coverage on GAS with a BUY recommendation and a target price of VND 94,500, implying 19.2% upside from the closing price on April 14, 2026. We expect GAS to sustain earnings growth through 2035, with net profit posting a CAGR of approximately 12% p.a., driven by three key growth pillars: domestic natural gas, LNG trading, and LPG business.