Lowest tariffs, superb pipeline network and well-entrenched reach in the domestic LNG markets to help PLNG compete with new terminals. We increase our FY21E estimates by 7% to factor in strong 9M performance and FY22/23E by 3.5/3.4% as we increase spot margins. We believe PLNG 1) is a play on India's rising LNG imports supported by benign spot LNG prices 2) possess solid business model given high earnings visibility 3) has limited...