ASK Raymond: Buy Petronet LNG, target Rs 70

ASK Raymond James, in a report released on January 25, Petronet LNG (PLL) has posted a 53% rise in topline at Rs15.8 bn and 72% rise in bottomline at Rs 8.5 bn for 3Q FY07, well above their expectation. PLL is currently trading at 14.0x FY07E EPS of Rs 3.8 and 11.7x FY08E EPS of Rs 4.6.  
Considering the 3x volume expansion by FY10, evolving gas markets in India, low risk business model and backing of strong promoters, they reiterate a buy option on the stock with a target price of Rs 70.  

Source: Business Standard, Mumbai, February 1, 2007
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