CLSA On NTPC
Maintain Buy, TP Rs 165
Co Guides For 15% CAGR In Regulated Equity Over FY19-22
Co Says Most One-offs That Hurt Q1 Shall Not Repeat In H2
Company Also Remains On Track To Improve ESG
FY20 EPS Estimates Cut By 4% To Factor In Weak Q1
Antique on NTPC
Believe re-rating drivers of operational efficiency improvements; capacity additions & coal mining profits are in place
Maintain Buy, TP Rs 160, with 1.5xPB FY20E & subs/CWIP at 1x
Risks: 1) coal supply shortage impacting PAF & earnings