BVSC forecasts GAS’s 2025 NPAT-MI at VND 9,427B (-9% YoY) due to negative impact of lower oil prices. In 2026, BVSC forecasts GAS’s NPAT-MI from core operations (excluding provision reversal effects) at VND 10,259 billion (+9% YoY). Based on our FCFF and P/E valuation, we set a target price of VND 63,990 per share for GAS, issuing a NEUTRAL rating with a 2.7% upside potential.

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Please find the attached file below.