MORGAN STANLEY ON OIL INDIA |
• Maintain Overweight; Hike target price to Rs 663 from Rs 497 – highest target price
• We turn more bullish
• Gas production doubling, tripling of the most profitable fuel refinery in Asia
• 38 years of hydrocarbon reserve life monetisation and 14% CAGR in operating cash flow
• All this in four years and at single digit multiples
• Another standout factor is the 20% increase in gas ASP over the years as new wells drilled will extend growth
• Good dividend distribution and earnings set to double by 2029 – both remain underappreciated
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