Petronet LNG

The Economic Times, New Delhi, January 31, 2007


CMP: RS 53.20 TARGET PRICE: RS 70 RAYMOND James has reaffirmed its �buy� rating on Petronet LNG, and raised its price target for the stock from Rs 66 to Rs 70, citing sustained growth in volumes over the next few quarters. �Higher-thanexpected volumes arriving from Qatar and four spot cargos led the surge in earnings ((for October-December) for PLL. We believe these volumes would be maintained in 4Q FY07 and expect this trend to continue for next 4-5 quarters,� the ASK Raymond James note to clients said. �We have upgraded our earnings estimate for Petronet by 8-18% for FY07(estimated)-FY09E. Based on our upgraded earnings, we expect PLL to clock 25% CAGR growth in revenues over FY06-09E and 33% CAGR growth in PAT over the same period,� the note added.