Prabhudas Lilladher's research report on Petronet LNG
We increase our FY21E estimates by 9% to factor in strong H1 performance, delay in commissioning of the Kochi-Mangalore pipeline and make other changes. PLNG is a play on India’s rising LNG imports supported by soft spot LNG prices. We like PLNG’s business model given high earnings visibility. We see limited competition to PLNG’s well-entrenched reach in the LNG business.
Outlook
Reiterate BUY with a DCF based PT of Rs399 (Rs384) on roll over.
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