As the domestic NG ecosystem (CGD network, RLNG terminals, PLs, revamp of fertiliser plants) develops, India will derive higher benefit from the low LNG prices. New US liquefaction terminals will boost RLNG exports and also keep Henry Hub (HH) prices subdued, enabling GAIL to swap cargoes. Thus, US LNG is not a concern. Our SOTP target is Rs 198 (7.5x Sep-21E EV/e for the stable Gas and LPG transmission busi., 5.0x EV/e for the volatile gas marketing busi., 6.5x EV/e for the cyclical petchem and LPG/LHC busi., Rs 39 for investments and Rs 11 for CWIP). Given GAILs dominant position in Indias gas pipeline network and high share of volume in the upcoming eastern corridor pipeline, its transmission business will drive future earnings. Maintain BUY.