(1) Rising supply of NG and (2) A multitude of LNG liquefaction terminals coming on-stream towards the fag end of CY19 will boost RLNG exports from US and also keep Henry Hub (HH) prices subdued in the near term, enabling GAIL to swap more cargoes. Thus, the US LNG is not a stress point. Our SOTP target is Rs 408 (7.5x Mar-20E EV/e to the more stable Gas and LPG transmission businesses, 5.0x EV/e to the more volatile gas marketing business, 6.5x EV/e for the cyclical petchem and LPG/LHC businesses, Rs 75 for investments and Rs 23/sh for CWIP). Given GAILs dominant position in Indias gas pipeline network and the high share of volume in the upcoming eastern corridor gas pipeline, its gas transmission business is likely to be in a sweet spot. Maintain BUY.