External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Sui Northern Gas Pipelines Limited / Equity Bottom-Up

Sui Northern Gas Pipelines Limited (SNGP PA)

<ul><li>Management plans to install 300,000 RLNG connections in FY25 and 600,000 connections annually in subsequent years. They noted that the average cost of RLNG is 30% lower than LPG, in addition to being more convenient and safer. As a result, the market response has been strong, with 50,000 RLNG connections already provided within 1.5–2 months.</li><li>Management noted that their payout has decreased temporarily due to the circular debt situation; however, with the resolution of circular debt, they expect the payout ratio to improve. KPMG has been hired as a consultant for the resolution of circular debt, and serious efforts are being made.</li><li>We maintain our BUY stance on SNGPL. The company is currently trading at an FY26E PE of 6.4x</li></ul>

Management plans to install 300,000 RLNG connections in FY25 and 600,000 connections annually in subsequent years. They noted that the average cost of RLNG is 30% lower than LPG, in addition to being more convenient and safer. As a result, the market response has been strong, with 50,000 RLNG connections already provided within 1.5–2 months.Management noted that their payout has decreased temporarily due to the circular debt situation; however, with the resolution of circular debt, they expect the payout ratio to improve. KPMG has been hired as a consultant for the resolution of circular debt, and serious efforts are being made.We maintain our BUY stance on SNGPL. The company is currently trading at an FY26E PE of 6.4x

Topline Flash Note: Sui Northern Gas Pipeline (SNGP): Corporate Briefing Key Takeaways