德银-印度-石油与天然气行业（个股-信实工业）-新产能交付

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1、RelianceIndustriesDeutscheBankMarketsResearchRatingCompanyDateBuyRelianceIndustries20January2018ResultsAsiaIndiaReutersBloombergExchangeTickerPriceat18Jan2018(INR)921.00EnergyRELI.BORILINBSERELIPricetarget-12mth(INR)1,150.00Oil&Gas52-weekrange(INR)953.0

2、5-504.28BombayStockExchange(BSE34,592Newcapacitiesdeliver-robust30)petchemandtelecomperformanceValuation&RisksHarshadKatkarExpectingRJIOrevenueramp-up,contributionfromcoresectorprojectsResearchAnalystRelianceIndustries(RIL)reportedstrong3Qresultsledbyar

3、obustperformancefromthepetchembusiness.WhilerefiningEBITwasdown1%YoYtoINR60.8bn+91-22-7180-4029duetolowerthroughputandrupeeappreciationYoY,petchemEBITwasup69%SrinivasRao,CFAYoYtoINR56.6bnduetostrongmarginsandhigherproductionfromexpandedResearchAnalystcap

4、acities.RJIOreportedEBITDAofINR26.3bn(already38%ofpetrochemicals+65-64234114EBITDAinitssecondquarterofcommercialoperations)andnetprofitofINR5bnin3QFY18.Overthenextsixmonths,thecommissioningofprojectsPrice/pricerelativeinitsenergybusinessandramp-upofmonet

5、isationatRJIOshouldmaintain1000theoutperformance.ThecontributionfromexpansionsandrobustdownstreammarginsshoulddriveRIL’sEBITDAgrowthof41%CAGRoverFY17-19E.The500stockistradingatac.10%discounttoitspast10-yearaveragevaluationand0factorsinnoequityvalueforRI

6、L’sequitystakeinthetelecomventurevs.ourJul'16Jan'17Jul'17Jan'18estimatedNPVofINR206/share;reiteratingBuy.RelianceIndustriesBombayStockExchange(BSE30)(Rebased)StrongpetrochemicalperformancedrivesEBITDAgrowthPerformance(%)1m3m12mRILreported3QnetprofitofINR

7、84.5bn(+5%YoY,+2%QoQ),marginallybelowAbsolute0.20.679.7ourestimatesduetoahighertaxrateof28%andlowerOtherIncome.EBITDAatBombayStockExchange4.98.229.4INR137.4bn,(+30%YoY,+6%QoQ)wasdrivenbytherobustperformancefrom(BSE30)thepetchembusiness.PetchemEBITrose69

8、%YoYtoINR56.6bn,ledbystrongSource:DeutscheBankpolymerspreadsandhighervolumesfromexpansions.PetchemEBITDAshouldKeyindicators(FY1)risefurtherin4QFY18astheROGCreachedfullcapacityutilizationonlyinJanROE(%)12.52018.RefiningEBITwasmargi