Reliance Infrastructure: (Buy; 12-month TP: Rs1,260, potential upside 20%) ::Goldman Sachs,

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Reliance Infrastructure: (RLIN.BO; Buy; 12-month TP: Rs1,260, potential upside 20%)
 We maintain Buy on Reliance Infrastructure with our revised 12-m SOTP-based TP
of Rs1,260 (earlier Rs1,305) implying potential upside of 20%. We reduce our target
price as we have reflected more capex in our FY12E estimates and higher discount
for cash in our SOTP valuation. We lower our FY11E-FY13E EPS by 3%-8% to
reflect lower other income.
 We believe the stock price is not reflecting the high visibility of infrastructure
projects under execution and the EPC orderbook. We expect the stock to re-rate on
commissioning of near-term projects.
 Delay in projects under implementation is the key risk.