Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₫89,400, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 14x in the Gas Utilities industry in Asia. Total returns to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫119,220 per share. Reported Earnings • Apr 26
First quarter 2026 earnings released: EPS: ₫1,220 (vs ₫1,143 in 1Q 2025) First quarter 2026 results: EPS: ₫1,220 (up from ₫1,143 in 1Q 2025). Revenue: ₫38t (up 48% from 1Q 2025). Net income: ₫2.94t (up 6.8% from 1Q 2025). Profit margin: 7.7% (down from 11% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 3.0% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Asia are expected to grow by 2.0%. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Major Estimate Revision • Apr 16
Consensus revenue estimates fall by 15% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ₫131t to ₫111t. EPS estimate fell from ₫5,334 to ₫5,262 per share. Net income forecast to grow 13% next year vs 6.8% growth forecast for Gas Utilities industry in Vietnam. Consensus price target broadly unchanged at ₫82,093. Share price was steady at ₫78,400 over the past week. Announcement • Mar 23
Petrovietnam Gas Joint Stock Corporation, Annual General Meeting, May 22, 2026 Petrovietnam Gas Joint Stock Corporation, Annual General Meeting, May 22, 2026. Location: headquarters of the corporation., Vietnam Buy Or Sell Opportunity • Mar 05
Now 24% undervalued Over the last 90 days, the stock has risen 87% to ₫119,700. The fair value is estimated to be ₫156,500, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Earnings per share has declined by 7.9%. For the next 3 years, revenue is forecast to grow by 8.1% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₫128,700, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 14x in the Gas Utilities industry in Asia. Total returns to shareholders of 76% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫156,500 per share. New Risk • Feb 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Vietnamese stocks, typically moving 7.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫117,000, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 14x in the Gas Utilities industry in Asia. Total returns to shareholders of 61% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫146,024 per share. Buy Or Sell Opportunity • Jan 29
Now 20% undervalued Over the last 90 days, the stock has risen 90% to ₫116,800. The fair value is estimated to be ₫146,024, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.4% over the last 3 years. Earnings per share has declined by 9.6%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. New Risk • Jan 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Vietnamese stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₫103,700, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 13x in the Gas Utilities industry in Asia. Total returns to shareholders of 44% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫194,204 per share. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₫75,100, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Gas Utilities industry in Asia. Total returns to shareholders of 7.4% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫102,973 per share. Reported Earnings • Nov 01
Third quarter 2025 earnings released: EPS: ₫1,067 (vs ₫1,022 in 3Q 2024) Third quarter 2025 results: EPS: ₫1,067 (up from ₫1,022 in 3Q 2024). Revenue: ₫36t (up 41% from 3Q 2024). Net income: ₫2.55t (up 1.1% from 3Q 2024). Profit margin: 7.1% (down from 10.0% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Gas Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 11% per year. Buy Or Sell Opportunity • Aug 28
Now 23% undervalued The stock has been flat over the last 90 days, currently trading at ₫64,900. The fair value is estimated to be ₫84,678, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Earnings per share has declined by 11%. Revenue is forecast to grow by 4.0% in 2 years. Earnings are forecast to grow by 7.7% in the next 2 years. Upcoming Dividend • Aug 21
Upcoming dividend of ₫2,100 per share Eligible shareholders must have bought the stock before 28 August 2025. Payment date: 25 November 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 8.5%. Within top quartile of Vietnamese dividend payers (7.3%). Higher than average of industry peers (3.8%). Reported Earnings • May 05
First quarter 2025 earnings released: EPS: ₫1,177 (vs ₫1,072 in 1Q 2024) First quarter 2025 results: EPS: ₫1,177 (up from ₫1,072 in 1Q 2024). Revenue: ₫26t (up 10% from 1Q 2024). Net income: ₫2.76t (up 9.7% from 1Q 2024). Profit margin: 11% (in line with 1Q 2024). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Gas Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 12% per year. Announcement • Apr 11
Petrovietnam Gas Joint Stock Corporation, Annual General Meeting, May 30, 2025 Petrovietnam Gas Joint Stock Corporation, Annual General Meeting, May 30, 2025. Location: at the head office of gas., Vietnam Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₫54,600, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Gas Utilities industry in Asia. Total loss to shareholders of 30% over the past three years. Announcement • Mar 07
PetroVietnam Gas Joint Stock Corporation Announces Appointment of Nguyen Anh Tuan as Chief Accountant On March 06, 2025, PetroVietnam Gas Joint Stock Corporation announced the appointment of Mr. Nguyen Anh Tuan as Chief Accountant. Effective from March 05, 2025. Reported Earnings • Jan 29
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: ₫4,354 (down from ₫4,874 in FY 2023). Revenue: ₫104t (up 15% from FY 2023). Net income: ₫10t (down 8.9% from FY 2023). Profit margin: 10.0% (down from 13% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) missed analyst estimates by 8.0%. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Gas Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 9% per year. Reported Earnings • Nov 04
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₫25t (up 14% from 3Q 2023). Net income: ₫2.52t (up 6.1% from 3Q 2023). Profit margin: 10.0% (in line with 3Q 2023). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Gas Utilities industry in Asia. Major Estimate Revision • Sep 19
Consensus revenue estimates increase by 10% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from ₫89t to ₫98t. EPS estimate increased from ₫4,716 to ₫4,794 per share. Net income forecast to grow 9.3% next year vs 12% growth forecast for Gas Utilities industry in Vietnam. Consensus price target broadly unchanged at ₫82,079. Share price fell 10% to ₫73,400 over the past week. Upcoming Dividend • Sep 06
Upcoming dividend of ₫6,000 per share Eligible shareholders must have bought the stock before 13 September 2024. Payment date: 28 November 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.1%. Lower than top quartile of Vietnamese dividend payers (8.3%). Higher than average of industry peers (3.6%). Announcement • Aug 21
Petrovietnam Gas Joint Stock Corporation Announces Cash Dividend for 2023, Payable on November 28, 2024 PetroVietnam Gas Joint Stock Corporation announced the record date of September 16, 2024 to pay cash dividend for 2023; Payment ratio: 60% per par value (VND 6,000 per share); Payment date: November 28, 2024. Reported Earnings • Aug 03
Second quarter 2024 earnings released: EPS: ₫1,404 (vs ₫1,335 in 2Q 2023) Second quarter 2024 results: EPS: ₫1,404 (up from ₫1,335 in 2Q 2023). Revenue: ₫30t (up 25% from 2Q 2023). Net income: ₫3.32t (up 5.2% from 2Q 2023). Profit margin: 11% (down from 13% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Gas Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Apr 12
Petrovietnam Gas Joint Stock Corporation, Annual General Meeting, May 29, 2024 Petrovietnam Gas Joint Stock Corporation, Annual General Meeting, May 29, 2024. Location: PetroVietnam Gas Joint Stock Corporation Vietnam Reported Earnings • Mar 14
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ₫4,972 (down from ₫6,280 in FY 2022). Revenue: ₫90t (down 11% from FY 2022). Net income: ₫11t (down 21% from FY 2022). Profit margin: 13% (down from 14% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 2.1%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Gas Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 01
Full year 2023 earnings released: EPS: ₫4,972 (vs ₫6,374 in FY 2022) Full year 2023 results: EPS: ₫4,972 (down from ₫6,374 in FY 2022). Revenue: ₫90t (down 11% from FY 2022). Net income: ₫12t (down 21% from FY 2022). Profit margin: 13% (down from 14% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Gas Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Nov 24
Petrovietnam Gas Joint Stock Corporation Appoints Mr. Hoang Trong Dung as Deputy Chief Executive Officer On November 20, 2023, the BOD of PetroVietnam Gas Joint Stock Corporation approved the appointment of Mr. Hoang Trong Dung as Deputy Chief Executive Officer of the Company. Announcement • Nov 22
Petrovietnam Gas Joint Stock Corporation Appoints Hoang Trong Dung as Deputy General Director On November 20, 2023, Petrovietnam Gas Joint Stock Corporation Board of Directors issued Decision No. 1402/QD-KVN on the appointment of Mr. Hoang Trong Dung as Deputy General Director. Reported Earnings • Nov 04
Third quarter 2023 earnings released: EPS: ₫1,218 (vs ₫1,302 in 3Q 2022) Third quarter 2023 results: EPS: ₫1,218 (down from ₫1,302 in 3Q 2022). Revenue: ₫22t (down 9.1% from 3Q 2022). Net income: ₫2.38t (down 22% from 3Q 2022). Profit margin: 11% (down from 13% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Gas Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. New Risk • Nov 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Aug 22
Upcoming dividend of ₫3,600 per share at 3.6% yield Eligible shareholders must have bought the stock before 29 August 2023. Payment date: 02 November 2023. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Vietnamese dividend payers (8.9%). In line with average of industry peers (3.9%). Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: ₫1,602 (vs ₫2,613 in 2Q 2022) Second quarter 2023 results: EPS: ₫1,602 (down from ₫2,613 in 2Q 2022). Revenue: ₫24t (down 13% from 2Q 2022). Net income: ₫3.16t (down 38% from 2Q 2022). Profit margin: 13% (down from 18% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Gas Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Aug 01
Petrovietnam Gas Joint Stock Corporation Announces to Pay Cash Dividend for 2022, Payable on November 2, 2023 PetroVietnam Gas Joint Stock Corporation announced the record date as follows: Ex-right date: August 29, 2023. Record date: August 30, 2023. Reason & purpose: to pay cash dividend for 2022. Exercise ratio: 36.0% (VND 3,600/share). Payment date: November 2, 2023. Price Target Changed • May 10
Price target decreased by 7.3% to ₫113,013 Down from ₫121,913, the current price target is an average from 8 analysts. New target price is 21% above last closing price of ₫93,200. Stock is down 14% over the past year. The company is forecast to post earnings per share of ₫6,543 for next year compared to ₫7,649 last year. Reported Earnings • May 03
First quarter 2023 earnings released: EPS: ₫1,749 (vs ₫1,789 in 1Q 2022) First quarter 2023 results: EPS: ₫1,749 (down from ₫1,789 in 1Q 2022). Revenue: ₫21t (down 21% from 1Q 2022). Net income: ₫3.35t (down 2.3% from 1Q 2022). Profit margin: 16% (up from 13% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Gas Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Feb 10
Petrovietnam Gas Joint Stock Corporation, Annual General Meeting, Apr 14, 2023 Petrovietnam Gas Joint Stock Corporation, Annual General Meeting, Apr 14, 2023. Location: PV GAS Headquarters, PV GAS Tower, 673 Nguyen Huu Tho Street, Phuoc Kien Commune, Nha Be District, Ho Chi Minh city. Ho Chí Minh Vietnam Agenda: Annual General Meeting. Major Estimate Revision • Feb 10
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₫109t to ₫107t. EPS estimate also fell from ₫7,154 per share to ₫6,231 per share. Net income forecast to shrink 18% next year vs 15% growth forecast for Gas Utilities industry in Vietnam . Consensus price target down from ₫126,425 to ₫123,500. Share price rose 2.8% to ₫108,100 over the past week. Reported Earnings • Feb 02
Full year 2022 earnings released: EPS: ₫7,647 (vs ₫4,356 in FY 2021) Full year 2022 results: EPS: ₫7,647 (up from ₫4,356 in FY 2021). Revenue: ₫101t (up 28% from FY 2021). Net income: ₫15t (up 77% from FY 2021). Profit margin: 15% (up from 11% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Gas Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 7% per year. Buying Opportunity • Jan 30
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.1%. The fair value is estimated to be ₫133,705, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 7.4% in 2 years. Earnings is forecast to grow by 21% in the next 2 years. Buying Opportunity • Nov 18
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 1.1%. The fair value is estimated to be ₫145,648, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.3% over the last 3 years. Earnings per share has declined by 6.4%. Revenue is forecast to grow by 17% in 2 years. Earnings is forecast to grow by 23% in the next 2 years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Son Truong was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 30
Second quarter 2022 earnings released: EPS: ₫2,618 (vs ₫1,062 in 2Q 2021) Second quarter 2022 results: EPS: ₫2,618 (up from ₫1,062 in 2Q 2021). Revenue: ₫28t (up 22% from 2Q 2021). Net income: ₫5.09t (up 125% from 2Q 2021). Profit margin: 18% (up from 10.0% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 12%, compared to a 16% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₫95,800, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Gas Utilities industry in Asia. Total returns to shareholders of 3.0% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫189,948 per share. Upcoming Dividend • Jun 27
Upcoming dividend of ₫3,000 per share Eligible shareholders must have bought the stock before 04 July 2022. Payment date: 03 October 2022. Payout ratio is a comfortable 59% but the company is paying out more than the cash it is generating. Trailing yield: 2.6%. Lower than top quartile of Vietnamese dividend payers (7.9%). In line with average of industry peers (2.8%). Announcement • Jun 14
Petrovietnam Gas Joint Stock Corporation Approves Dividend for the Year 2021, Payable from 1 September 2022 to 15 October 2022 The Board of Director of Petrovietnam Gas Joint Stock Corporation approved the plan to make 2021 dividend payment. 2021 Dividend ratio: 30% chartered capital. Payment date: From 1 September 2022 to 15 October 2022. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improved over the past week After last week's 18% share price gain to ₫129,900, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 12x in the Gas Utilities industry in Asia. Total returns to shareholders of 39% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫125,026 per share. Board Change • May 24
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Son Truong was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 04
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: ₫1,789 (up from ₫1,058 in 1Q 2021). Revenue: ₫27t (up 52% from 1Q 2021). Net income: ₫3.43t (up 69% from 1Q 2021). Profit margin: 13% (up from 12% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.6%. Earnings per share (EPS) missed analyst estimates by 12%. Over the next year, revenue is forecast to stay flat compared to a 14% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 30
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: ₫4,356 (up from ₫3,944 in FY 2020). Revenue: ₫79t (up 23% from FY 2020). Net income: ₫8.34t (up 11% from FY 2020). Profit margin: 11% (down from 12% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.6%. Earnings per share (EPS) missed analyst estimates by 12%. Over the next year, revenue is forecast to grow 10%, compared to a 12% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Buying Opportunity • Mar 08
Now 21% undervalued Over the last 90 days, the stock is up 23%. The fair value is estimated to be ₫153,756, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 16% per annum over the last 3 years. Announcement • Feb 22
Petrovietnam Gas Joint Stock Corporation, Annual General Meeting, Apr 15, 2022 Petrovietnam Gas Joint Stock Corporation, Annual General Meeting, Apr 15, 2022. Reported Earnings • Jan 26
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: ₫4,356 (up from ₫4,028 in FY 2020). Revenue: ₫79t (up 23% from FY 2020). Net income: ₫8.67t (up 13% from FY 2020). Profit margin: 11% (down from 12% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.6%. Earnings per share (EPS) missed analyst estimates by 12%. Over the next year, revenue is forecast to grow 11%, compared to a 17% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Price Target Changed • Jan 18
Price target increased to ₫124,917 Up from ₫111,667, the current price target is an average from 4 analysts. New target price is 17% above last closing price of ₫107,000. Stock is up 26% over the past year. The company is forecast to post earnings per share of ₫4,892 for next year compared to ₫4,028 last year. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS ₫1,242 (vs ₫1,038 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: ₫19t (up 16% from 3Q 2020). Net income: ₫2.42t (up 20% from 3Q 2020). Profit margin: 13% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improved over the past week After last week's 16% share price gain to ₫104,000, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 15x in the Gas Utilities industry in Asia. Negligible returns to shareholders over past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫91,621 per share. Executive Departure • Sep 14
Chairman Nguyen Khang has left the company On the 1st of September, Nguyen Khang's tenure as Chairman ended after 2.7 years in the role. We don't have any record of a personal shareholding under Nguyen's name. Nguyen is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 4.25 years. Reported Earnings • Jul 27
Second quarter 2021 earnings released: EPS ₫1,058 (vs ₫786 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: ₫23t (up 46% from 2Q 2020). Net income: ₫2.26t (up 28% from 2Q 2020). Profit margin: 10.0% (down from 11% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Jun 21
Upcoming dividend of ₫3,000 per share Eligible shareholders must have bought the stock before 28 June 2021. Payment date: 06 October 2021. Trailing yield: 4.8%. Lower than top quartile of Vietnamese dividend payers (7.2%). Higher than average of industry peers (2.4%). Reported Earnings • May 01
First quarter 2021 earnings released: EPS ₫1,058 (vs ₫1,288 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: ₫18t (up 2.8% from 1Q 2020). Net income: ₫2.03t (down 13% from 1Q 2020). Profit margin: 12% (down from 14% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Price Target Changed • Mar 20
Price target increased to ₫91,300 Up from ₫84,500, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ₫90,900. Stock is up 57% over the past year. Is New 90 Day High Low • Mar 08
New 90-day high: ₫95,000 The company is up 10.0% from its price of ₫86,100 on 08 December 2020. The Vietnamese market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Gas Utilities industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫49,608 per share. Price Target Changed • Feb 20
Price target raised to ₫88,625 Up from ₫82,300, the current price target is an average from 3 analysts. The new target price is close to the current share price of ₫88,900. As of last close, the stock is up 4.1% over the past year. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫73,500, the stock is trading at a trailing P/E ratio of 18.8x, down from the previous P/E ratio of 22.4x. This compares to an average P/E of 19x in the Gas Utilities industry in Asia. Total return to shareholders over the past three years is a loss of 31%. Analyst Estimate Surprise Post Earnings • Jan 26
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.2%. Earnings per share (EPS) missed analyst estimates by 5.2%. Over the next year, revenue is forecast to grow 10%, compared to a 11% growth forecast for the Gas Utilities industry in Vietnam. Reported Earnings • Jan 24
Full year 2020 earnings released: EPS ₫3,913 The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ₫64t (down 14% from FY 2019). Net income: ₫7.81t (down 34% from FY 2019). Profit margin: 12% (down from 16% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 9% per year. Is New 90 Day High Low • Dec 29
New 90-day high: ₫87,100 The company is up 22% from its price of ₫71,300 on 30 September 2020. The Vietnamese market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Gas Utilities industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫44,707 per share. Is New 90 Day High Low • Dec 14
New 90-day high: ₫87,000 The company is up 20% from its price of ₫72,300 on 15 September 2020. The Vietnamese market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Gas Utilities industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫44,707 per share. Is New 90 Day High Low • Nov 18
New 90-day high: ₫80,000 The company is up 13% from its price of ₫71,000 on 20 August 2020. The Vietnamese market is up 14% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Gas Utilities industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫37,326 per share. Reported Earnings • Oct 23
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫9.11t, down 18% from the prior year. Total revenue was ₫66t over the last 12 months, down 15% from the prior year. Announcement • Oct 06
Petrovietnam Gas Joint Stock Corporation (HOSE:GAS) acquired Viet Nam Gas Tank Co. Petrovietnam Gas Joint Stock Corporation (HOSE:GAS) acquired Viet Nam Gas Tank Co effective October 6, 2020. Announcement • Oct 03
An unknown buyer agreed to acquire unknown minority stake in Southern Gas Trading Joint Stock Company (HNX:PGS) from Petrovietnam Gas Joint Stock Corporation (HOSE:GAS). An unknown buyer agreed to acquire unknown minority stake in Southern Gas Trading Joint Stock Company (HNX:PGS) from Petrovietnam Gas Joint Stock Corporation (HOSE:GAS) on September 28, 2020. The Board of Directors of PetroVietnam Gas Joint Stock Corporation approved the divestment of entire stake in Southern Gas Trading Joint Stock Company.