Hascol Petroleum (HASCOL): Multiple additions on way; BUY Maintained; Earnings Revised – By Topline Research
<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We update our investment thesis on Hascol Petroleum (HASCOL)
after accounting for 1) downward revision in High Speed Diesel (HSD) and Motor
Spirit (MS) sales due to higher prices and economic slowdown and 2)
commissioning of new business segments at large scale mainly Lubes, LPG, and
Oil Terminals.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We maintain ‘BUY’ recommendation on HASCOL as our Dec 2019
target price of Rs258/share suggest return of 19% (including dividend yield of
5%). Our revised earnings estimates for Hascol are Rs8.9/17.0/23.7 for
2018E/2019/2020 vs. Rs 13/15/18 previously, down 32% during 2018E, while up
average 23% in later years.</span></li><li><span style="font-family:Arial, H...
