We downgrade PGD from HOLD to REDUCE, revise our target price down to VND32,200/share (downside 15%). Our actions reflect recently approved pricing scheme that will be retroactive and force the company to restate lower earnings for the 1H and dampen 2H earnings going forward. PV Gas (GAS) raised the price of natural gas sold to PGD, from USD8.35/MMBTU to USD10.55/MMBTU, retroactive from 1 April 2012 (Decision 102/NQ-KVN on 23 August 2012).