PLNG reported volumes in line with our estimate. The beat on EBITDA was led by lower opex and inventory/trading gains. Long-term LNG prices were lower than spot prices in Jan'21, resulting in a rise in long-term offtake and decline in spot volumes. However, spot LNG prices have fallen to USD5-6/mmBtu for Apr'21 delivery. In addition to the already announced 17.5-19.5mmtpa expansion, the management has announced further expansion to 22.5mmtpa over the next 4-5 years, assuaging the long-term growth concerns of investors....