Title | GAS_BUY_TP 110,200_Upside 18.8_Prospects prosper_BSC company update |
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Report Type | Phân tích công ty |
Source | BSC |
Industry | Oil & Gas |
Bussiness | GAS |
Detail |
Date : 17/03/2021 Total pages : 10 Language : English File Type : .PDF FileSize : 651 Kb Download: 119 Download |
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Short Content |
Valuation We raise our recommendation from NEUTRAL to BUY with a 2021 target price of 110,200 VND/share (+22% compared to the closing price on 16/03/2021) due to (1) re-evaluating the oil price outlook for 2021 to $57/barrel and (2) raise the target P/E ratio for 2021 to 18x.
Forecast of business results
BSC forecasts that GAS's parent company's revenue and NPAT in 2021 will reach VND 77,145 billion (+20% yoy) and VND 11,718 billion (+50% yoy), 2021 FW EPS = VND 6,122/share with the assumption ( 1) Sao Vang - Dai Nguyet field adds 1.5 billion m3 of gas/year (+16% of output), and (2) the average oil price in 2021 will reach $57/barrel (+36% yoy).
Catalyst
Investment Thesis
Risks
Upstream incidents that cause unplanned reductions/stops of gas supply at blocks/fields.
Company Update
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