GAS – Earnings Review – [HOLD] – 2Q26 earnings exceeded expectation

2Q26 revenue reached VND43.0tn (+44% yoy, +14% qoq, ~100% of KIS forecast), driven by (1) sharply higher LNG, LPG and domestic natural gas selling prices amid the Gulf conflict, and (2) GAS recognizing gas sales revenue from the PM3 system following its transfer from PVN. Core NPAT came in at VND5.5tn (+74% yoy, +84% qoq, ~120% of KIS forecast).