GAIL's FY18 annual report underscores our core investment thesis that: (a) de-risking of US LNG volumes would augment earnings growth over FY19FY21; (b) the outlook on gas transmission earnings remains upbeat given expectations of unified tariffs and better volumes from upcoming LNG regasification terminals; and (c) LPG and petchem earnings would remain buoyant on elevated oil prices and a weaker INR. GAIL remains our top energy pick at a Mar'19 target price of Rs 470....