Rising competition from new LNG terminals and capital allocation are unlikely to have structural impact on pricing or volume growth as Petronet remains India's lowest cost regassifier. With no major capex, PLNG can generate free cash flow of over Rs 57.67bn over FY20-22E. It is searching for growth opportunities in overseas markets and after its stumble at Kochi, we believe PLNG will allocate capital more prudently in future. Stock is currently trading at 11.7x FY21E EPS and 6.5x FY21E EV/EBITDA. In our view, we see the risk/reward as favourable, given the rising return ratios and strengthening balance sheet. We maintain BUY on PLNG post a stable performance in Q1. Expected ramp-up at both terminals, predictable earnings from tied-up volumes and robust gas demand driven by benign spot LNG prices keep our faith intact