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Last Updated : Nov 05, 2019 01:18 PM IST | Source: Moneycontrol.com

Buy Petronet LNG target of Rs 330: Sharekhan

Sharekhan is bullish on Petronet LNG has recommended buy rating on the stock with a target price of Rs 330 in its research report dated October 30, 2019.

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Sharekhan's research report on Petronet LNG


Petronet LNG’s (PLNG) Q2 numbers were strong as adjusted PAT grew by 42.5% y-o-y to Rs. 818 crore, above our estimate of Rs. 726 crore. Strong performance was driven by robust volume growth of 13.7% y-o-y to 240 tBtu at Dahej terminal. Completion of Kochi-Mangalore pipeline now expected by December-2019 (versus October-2019 earlier); deal with Tellurian is subject to back-to-back contracts for volume offtake and PLNG would limit its exposure to $500mn-$1bn in the absence of its affiliates. Strong volume-led earnings visibility and superior RoE of ~28-30% make PLNG an attractive investment proposition in the domestic gas utilities space.


Outlook


We maintain a Buy rating on PLNG with revised price target of Rs. 330.

For all recommendations report, click here

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First Published on Nov 5, 2019 01:18 pm
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