Our recent meeting with GAIL reinforces our conviction in the stock despite a perceived cloud over earnings amid the volatile macro environment. Concerns over US LNG spreads and cyclical business profitability appear to be easing as oil prices stabilise in the US$ 60-70/bbl range. Further, the outlook on gas transmission volumes looks buoyant on the back of incremental LNG regasification capacities and pipelines. We trim FY19 earnings by 10% on...