GAS – Earnings Review – [HOLD] – 1Q26 earnings in line with forecast

1Q26 revenue reached VND38tn (+48% yoy, -13% qoq, ~115% of KIS forecast), driven by strong LNG volume growth. We believe GAS is accelerating international LNG trading, alongside increased imports into Thi Vai terminal to partially replace LPG trading, which has been disrupted by the Gulf conflict. 1Q26 NPAT reached VND2.99tn (+8% yoy, +116% qoq, ~101% of KIS forecast).