Mari Petroleum Company Limited: Exploration efforts keep stock among preferred plays – By JS Research
<ul><li><span lang="en-PK" style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We reiterate Mari Petroleum Company Limited (MARI) as one of our top picks from the Exploration Production sector, with a Dec-2024 Target Price of Rs3,000/sh, offering upside of 40%+ from current levels and trading at FY24E P/E of sub-4x.</span></li></ul><ul><li><span lang="en-PK" style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We expect the outperformance of MARI vs sector wide production growth to continue, which bodes well for its earnings profile. MARI has reported an 8-year CAGR of 4% (sector: -3%) in its gas production (96% of revenue mix). Aided by 13% growth in production during FY24E, total gas production is expected to touch 860MMCFD by end FY24E.</span></li></ul><ul><li><span lang="en-PK" style="font-family:Ari...
