资源描述：
《德意志银行-印度公司研究-reliance industries：outperformance to continue，raising target price-20170722-deutschebank》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、DeutscheBankMarketsResearchRatingCompanyDateBuyRelianceIndustries22July2017ResultsAsiaIndiaReutersBloombergExchangeTickerPriceat21Jul2017(INR)1,586.00EnergyRELI.BORILINBSERELIPricetarget-12mth(INR)1,735.00Oil&Gas52-weekrange(INR)1,586.00-980.05BombayStockExchange31,904O
2、utperformancetocontinue,raising(BSE30)targetpriceHarshadKatkarResearchAnalystExpectingRJIOrevenueramp-up,start-upofcoresectorprojects;reiterateBuy(+91)227180-4029ThestockhasoutperformedtheBSESENSEXoverthepast1/3/12months,harshad.katkar@db.comdrivenbystrongearningsgrowth
3、andthelaunchofitstelecomservice(RJIO).Overthenext6months,thecommissioningofprojectsinitscoreenergyKeychangesbusinessandramp-upofmonetisationatRJIOshouldcontinuethePricetarget1,600.00to↑8.4%outperformance.Thecontributionfromexpansionsandrobustdownstream1,735.00marginssho
4、ulddriveRIL’sEBITDA(ex-telecom)growthofc37%overFY17-Source:DeutscheBank19E.Thestockistradingatac5%discounttoitslast10-yearaveragevaluationandfactorsinINR169/shareforRIL’sequitystakeinRJIOvs.ourestimatedPrice/pricerelativeNPVofINR317/share.WeraisetheTPby8%toINR1735andrei
5、terateBuy.1600CorebizEBITDAgrowthtobedrivenbyexpansion,riseinrefiningmargins1400Attheanalystmeet,managementindicatedthattherefineryoff-gascracker1200(ROGC)hadbeenmechanicallycompletedin1QFY18andshouldbecommissionedoverthenext45days.RILshouldalsostartcompletinginitial100
6、0modulesofpetcokegassifiersoverthenextfewmonths.Inthedomestic800upstreamsegment,bidevaluationandnegotiationsforlongleaditemsforR-7/151/167/161/17seriesfieldsinKGD6areinadvancedstages.Thefirstgasisexpectedby2020RelianceIndustriesBombayStockExchang(Rebased)withpeakproduct
7、ionof12mmscmd.ImprovementinrefiningmarginsandcommissioningofcapexshoulddriveRIL’sEBITDAex-telecomgrowthofPerformance(%)1m3m12mc37%overFY17-19E,oraCAGRof17%vs.theanemic3%EBITDACAGRoverAbsolute11.213.157.5FY2011-16.WeraiseRIL’stargetpriceby8%toINR1735/share,aligningtheBom
8、bayStockExchange2.08.615.1EV/EBITDAofitsrefiningandpetchembusinesstocomparableregional(BSE30)refinersandpetroc
