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Oil & Natural Gas Corporation (ONGC)
Energy
Weak results overseas. OVL reported sharply lower net income of `6.5 bn in 3QFY12
versus `12.8 bn in 2QFY12 led by (1) surprisingly lower crude price realizations,
(2) lower oil sales volumes and (3) higher DD&A expenses (write-off in Nigeria).
However, ONGC’s 9MFY12 consolidated EPS was marginally higher than its FY2011
EPS. We retain our BUY rating on ONGC given (1) inexpensive valuations of 8.1X
FY2013E EPS and (2) 16% potential upside to our revised target price of `330 (`350
previously) based on 9X FY2013E estimates plus the value of investments.
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