🌐 VI
← Home
🌐 VI
← Home

GAS: Record Profits, But Forced to “Trim” Itself to Maintain Listed Status

🔒
Create a free account to unlock more
Sign up free to get notified about new reports, save your favorite articles, and enjoy full access to EasyStock.
Sign up free Already have an account? Log in
EASY STOCK · Stock Analysis
Session: 28/08/2026 VN-Index: 1.832,12 ▲ GAS: 84.200đ

GAS — Vietnam National Gas Joint Stock Company (HOSE)

Reading Mode: Expert · Full Stack: Macro → FA → TA → Conviction Score · Combined IFRS (Vietcap, released 23/08/2026) and OHLCV price data from AmiBroker

Gas Scaled

CONTROL PANEL
Overall AssessmentCautious
Current Price84.200 VND · 28/08/2026
Technical SignalTechnical recovery, Stage 2 not yet confirmed
Wyckoff PhasePhase A/B (Re-accumulation)
Reference Support Zone76.000 – 82.500
Reference Resistance Zone89.000 – 90.000
ATR(14)3.210 VND (3.8%)
Risk LevelHigh
Conviction Score2/10 🔴

⚠️ Support/resistance zones and ATR are technical references — not trade signals. Investors should determine levels appropriate to personal risk tolerance.

[1] MACROECONOMIC & SECTOR CONTEXT

Six Core Macroeconomic Variables

  • GDP Growth: H1/2026 achieved +8.18% YoY (Q2 standalone +8.39%) — highest in 15 years; manufacturing-construction sector grew 10.51%, contributing 50% to overall growth → directly supports electricity/gas demand for domestic industrial production.
  • CPI/Inflation: H1/2026 average +4.38% YoY (target ~4.5%), core inflation +4.12% — price pressures mainly from fuel/gas/food groups, directly linked to GAS’s value chain.
  • OMO/Repo Rate (SBV): 4.5%/year (raised from 4.0% since December 2025) — VND-USD interest rate differential has turned positive, reducing near-term exchange rate pressure.
  • USD/VND Exchange Rate: Central rate 25.580đ (18/8/2026), up ~1% from end-July — VND more stable than IDR/THB but pressure increasing toward year-end → affects import costs for LNG/LPG paid in USD by GAS.
  • Fed Rate/DXY: Fed holds at 3.5–3.75%, likely unchanged through 2026 as US CPI rises to 4.2% (3-year high) → USD remains strong, continues as key FX risk for Vietnam.
  • Government Investment: H1/2026 disbursements reached ~357.000 trillion VND (35.5% of plan), up 38.400 trillion vs. same period — indirectly supports industrial energy demand.

Broader Market & Capital Flows

VN-Index closed at 1.832,12đ (28/8), recovering +9.8% from low of 22/7 (1.668,53đ — same day as GAS’s low, see section 3) and ~5.2% below all-time high of 1.932,62đ (18/5). Foreign net selling YTD stands at ~93.050 trillion VND, though late August shows signs of reversal (~335 billion VND net buying on 28/8, concentrated in FPT/TCB/VPB) — insufficient to confirm trend reversal in foreign capital flows.

Oil & Gas Sector Position

By 2026 sector priority (Banking → Real Estate → Industrial Zones → Renewable Energy → Technology → Consumer → Construction), traditional Oil & Gas does not rank among officially prioritized sectors. However, the sector has its own tailwind from elevated LPG/LNG prices due to prolonged Middle East geopolitical tensions, clearly reflected in GAS’s recent earnings (see section 2).

FTSE upgrades VN effective 21/9/2026, estimated net buying ~5.588 trillion VND at September rebalancing GAS announced (26/8) FAILURE to meet public company conditions — idiosyncratic risk, see section 3
[2] FUNDAMENTAL ANALYSIS (FA)

2A — Profitability (2018–2025, VND Trillion)

Metric20182019202020212022202320242025
Net Revenue75.61275.00564.13578.992100.72489.954103.564135.129
Gross Profit17.49116.91911.40613.98621.31516.92517.65417.051
  Gross Margin23.1%22.6%17.8%17.7%21.2%18.8%17.0%12.6%
Pre-tax Profit14.54015.0689.97811.20518.80614.64013.17214.359
Net Income – Parent11.45411.9027.8558.67314.79811.60610.39811.414
  Net Margin15.1%15.9%12.2%11.0%14.7%12.9%10.0%8.4%
EPS (VND)5.9116.1424.0284.3566.2804.9724.1404.647

🔍 2025 revenue reached record 135.197 trillion, TTM (Q3/25–Q2/26) already at 160.642 trillion — exceeding full-year 2026 guidance (142.000 trillion) despite being only halfway through the year. 💡 However, gross margin has contracted continuously for 7 years (22.6%→12.6%), reflecting increasing revenue mix shift to lower-margin LPG/imported gas trading. 2025 EPS up +12.2% YoY — below the 20% threshold used in Conviction Score. ⚠️ Impressive revenue growth but declining profit quality.

Quarterly Net Revenue (VND Trillion)

Q1/2423.315
Q2/2430.052
Q3/2425.252
Q4/2424.945
Q1/2525.675
Q2/2530.080
Q3/2535.690
Q4/2543.683
Q1/2638.020
Q2/2643.249

Quarterly Pre-tax Profit (VND Trillion)

Q1/243.171
Q2/244.239
Q3/243.204
Q4/242.558
Q1/253.429
Q2/255.982
Q3/253.206
Q4/251.743
Q1/263.755
Q2/267.453
Q2/2026: Revenue 43.249 trillion (+44% YoY), Pre-tax Profit 7.453 trillion (+24% YoY) — quarterly record H1/2026: Revenue 81.269 trillion (+45.8% YoY), Pre-tax Profit 11.208 trillion (+19.1% YoY) 2025 Gross Margin 12.6% — lowest in 8 years

2B — Financial Health

Metric20182019202020212022202320242025
Total Assets62.61462.17963.20878.76882.66387.75481.85593.568
Shareholders’ Equity46.86749.61549.50052.19361.17465.29961.57167.653
Total Liabilities15.74712.56413.70926.57521.48922.45620.28425.915
Cash & Equivalents6.7064.4765.2375.30010.5495.6695.5686.876
Current Ratio3.46x4.20x4.05x3.10x4.46x4.16x3.93x3.40x
D/E (Liabilities/Equity)0.34x0.25x0.28x0.51x0.35x0.34x0.33x0.38x
ROE24.4%24.0%15.9%16.6%24.2%17.8%16.9%16.9%
ROA18.3%19.1%12.4%11.0%17.9%13.2%12.7%12.2%

Balance sheet is very healthy: total debt only 2.972 trillion while cash & equivalents 6.876 trillion (2025) → net cash position of ~3.904 trillion. Current ratio 3.40x, D/E 0.38x (2025) — both declining slightly vs. 2022-2023 peaks but still very safe vs. sector.

2C — Relative Valuation & Models

DCF (2-stage FCFF) — Intrinsic Value Range (VND/share)

Normalized FCFF 3-year average 2023-2025 ≈10.000 trillion, 6% growth assumption/5 years, plus net cash +3.904 trillion, divided by 2.413 trillion shares.

g=2%g=3%g=4%g=5%
WACC 9%73.21282.56695.662115.307
WACC 10%64.09170.85579.87492.500
WACC 11%57.00262.07668.60077.298
WACC 12%51.33655.25260.14766.441

Justified P/B = (ROE−g)/(COE−g)

Normalized ROE 17%, g=5%. COE via CAPM: Rf 4.5% (10-year government bond) + Beta×ERP (ERP assumption 8.5%).

BetaCOEJustified P/B
0.69.6%2.59x
0.811.3%1.89x
1.013.0%1.49x

Current Market P/B: 3.04x (Trailing FY25 P/E: 18.3x) — higher than Justified P/B at all reasonable beta scenarios, and above upper end of DCF range.

External cross-check: Most recent SSI Research report available (25/03/2026) provides 12-month target of 83.400đ/share when market price was 82.500đ (Neutral rating) — aligns closely with current 84.200đ. Earlier report (~mid-2025) showed lower target of 71.900đ. Could not verify more recent report.

Note: GAS not in top 5 sectors with sector-specific valuation modules (Banking/Real Estate/Industrial Zones/Securities/Technology) — applies standard FA module.

[3] GOVERNANCE & INSIDER (LAST 3 MONTHS)
  • 21/07/2026: Oil & gas stocks (GAS, PVS, BSR, PVT) simultaneously crashed on rumors regarding sector leadership — this was the event causing technical Selling Climax noted in section 4.
  • Immediately after (late July): GAS announced dismissal of CEO Phạm Văn Phong (moved to Board member of DCM); Chairman Nguyễn Thanh Bình then transferred to CEO of PVT; appointed Bùi Minh Tiến (Petrovietnam Board member) as new GAS Chairman.
  • 22/05/2026: Annual Shareholders’ Meeting approved 25% dividend payout (~6.000 trillion VND) and elected new Board/Audit Committee.
  • 26/08/2026 (very recent): GAS announced FAILURE TO MEET public company conditions per shareholder list as of 14/08/2026 — only 4.24% of voting shares held by non-major shareholders (below 10% threshold under amended Securities Law 2019, Article 32). PVN currently holds ~95.76%. Company committed to comply within 1 year.

No public data on insider buy/sell by GAS executives in last 3 months — per integrity principle, not speculated.

[4] TECHNICAL ANALYSIS (TA)

4.1 — Market Context

VN-Index in recovery phase after correction (Neutral/Recovery), has not confirmed new uptrend — see section 1 for details.

GAS Price Chart (300 sessions, AmiBroker)

537393113133 Peak 04/03: 128.7 Low 22/07: 64.4 28/08: 84.2

— Close price   — MA20 (gray)   — MA50 (green)   ┄ MA200 (orange, dashed)

4.2 — Minervini Trend Template (8 Criteria)

CriteriaValueResult
1. Price > MA5084.200 > 76.000✓ MET
2. MA50 > MA150 > MA20076.0 / 86.0 / 82.5✗ NOT MET
3. MA200 uptrend ≥1 month80.6 → 82.5 (20 sessions)✓ MET (slight)
4. Price > 52-week low +25%+50.4%✓ MET
5. Within top 25% of 52-week high84.2 < 112.6 (threshold)✗ NOT MET
6. RS ≥70 vs VN-Index YTD+16.3% vs +2.7%⚠️ Outperform +13.6pt (insufficient percentile data)
7. Stage 2 confirmed—✗ NOT CONFIRMED
8. Not overextendedPrice/MA50 = +10.8%✓ MET

Result: 4/8 criteria clearly met. MA structure currently inverted (MA50 < MA200 < MA150) due to July governance shock pulling short-term MA down while MA150 still carries elevated average from early-year rally. → Stage 2 not confirmed, GAS is in technical recovery/base-building after downtrend; monitor for MA50 crossing above MA150 and MA200 to confirm.

4.3 — VSA/VPA & Wyckoff Phase

  • Markup Wave (20/10/2025→04/03/2026): 56.000→128.700đ, +130% over ~4.5 months, broke previous all-time high of 89.860đ (Jun 2022) — sign of excessive euphoria, volume expanding into wave end.
  • Markdown Wave (04/03→22/07/2026): 128.700→64.400đ, -50%. Session 22/07 volume surge 4.29 million shares (~3x avg) — exactly coinciding with sector leadership rumor event → characteristic of Selling Climax with identifiable catalyst (not purely technical).
  • Current Phase (22/07→present): Phase A (SC) complete; now in Phase B — re-accumulation/range building between 74-90k, with signs of Strength of Purpose (SOP) at 18/08 session (3.6M volume, broke 80-81k resistance). Insufficient to confirm Phase C/D transition yet.

4.4 — Setup

No complete VCP formed yet (tight consolidation not 3+ times clear, volume not steadily declining). No classic Spring at support level. Structure closest to Re-accumulation range post-Selling Climax — apt characterization: “Building base after technical recovery signal — monitor coming session volume to confirm foundation strength.”

4.5 — Risk Management Reference Parameters

ATR(14): 3.210đ (~3.8% of current price) — average intraday swing significantly exceeds typical large-cap norm (usually 1.5-2.5%), reflecting GAS’s extreme 2026 volatility. Technical support zone: 76.000-82.500đ (MA50-MA200) — if price breaks below, recovery thesis needs reassessment. Technical resistance zone: 89.000-90.000đ (2022 historical high, likely persistent supply from early 2026 buyers).

[5] SCENARIO ANALYSIS
ScenarioProbabilityPrice Range ReferenceConditions
Bull30%90.000 – 100.000+Oil/gas prices stay elevated due to extended geopolitics; GAS significantly exceeds 2026 profit guidance; speculative capital returns to energy stocks
Base50%74.000 – 90.000Accumulation within current range pending Stage 2 confirmation, earnings solid but valuation already embedded most upside
Bear20%64.000 – 74.000Geopolitical tensions ease pressuring LNG/LPG, or governance/public company risk re-surfaces, sentiment turns bearish

Above scenarios are technical/quantitative references for analysis, not investment directives or official price targets.

[5B] CONVICTION SCORE
LayerCriteriaMet?Points
Macro (0-3)Prioritized sector + tailwindPartial+1
Specific policy support for GASUnclear+0
Foreign/institutional accumulationNo confirmed data+0
FA (0-4)EPS ≥20% YoY+12.2%+0
ROE >15% improving16.9%, flat/declining+0
Valuation ≥10% cheaper than sectorPremium to fair+0
DCF > price ≥20%DCF < market price+0
TA (0-3)Trend Template ≥6/84/8+0
Positive volume structureYes+1
Clear setup convergenceNot yet+0
2/10 NO CLEAR SIGNAL — Not suitable for watchlist at this time

Note: Score reflects signal convergence at this moment — NOT an action directive. Low score primarily reflects: (i) continuous gross margin compression despite record revenue, (ii) ROE stalled not improving, (iii) valuation premium to fair range per both DCF and Justified P/B, (iv) inverted MA structure post-July event preventing Stage 2 confirmation yet.

[6] MATERIAL RISKS
  • Governance/Regulatory Risk (NEW, 26/08/2026): GAS fails public company test (free-float only 4.24%) — monitor impact on index inclusion (including FTSE 21/9/2026) and disclosure obligations.
  • Continuous Gross Margin Compression (7-year trend 22.6%→12.6%) — revenue mix increasingly weighted to low-margin import trading segment.
  • Valuation Premium to Fair: P/B 3.04x exceeds Justified P/B (1.5-2.6x) and upper DCF range across reasonable scenarios.
  • Extreme 2026 Price Swings (+130% then -50% then +31%) with partial attribution to personnel/governance shocks — re-occurrence risk if further announcements arise.
  • Commodity Price Cycle Exposure: LPG/LNG pricing and USD/VND FX — two-sided risk.
  • Thin Free-Float (95.76% PVN stake): High sensitivity to foreign capital flows and ETF rebalancing.
[7] THREE CORE ANALYTICAL THESES
  • Macro/Sector: Highest GDP growth in 15 years and public capex boost support energy demand, but Oil & Gas not in official sector priority list 2026; VND weakening slightly increases import cost for LNG/LPG purchased in USD.
  • FA/Valuation: Record revenue but 7-year gross margin decline, ROE stalled, current valuation (P/B 3.04x) premium to fair value across both DCF and Justified P/B models.
  • TA/Technicals: Post-governance shock on 22/07, stock undergoing technical recovery with positive volume, but Minervini template 4/8, MA inverted, Stage 2 not yet confirmed — requires time for foundation solidification before sustainable uptrend.
─────────────────────────────────────────────
This analysis conducted by professional with:
  • Securities Brokerage License: 002748/MGCK
  • Fund Management License: 003044/QLQ
  Issued by: State Securities Commission (SSC)

Report is informational in nature only — does not constitute formal investment advice per Securities Law 2019 (Articles 71, 72 on investment advisory services). Investors assume full responsibility for all trading decisions.

© easystock.vn — 30/08/2026
─────────────────────────────────────────────

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top