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Many expect petrol and diesel prices to fall as the cooking gas rates did ahead of assembly polls last year. It may not be a wise comparison. The cooking gas price cut was a response to the gas subsidy pledges by opposition parties at a time when not many believed BJP would sweep state polls. Besides, customers were overpaying for cooking gas, and a cut didn t cause any loss to the state-controlled oil companies. ....
BPCL, HP, and IOC have the potential for increased PE multiples. OMCs derive over 50% of their EBITDA from retailing petrol and diesel, leading to stable YoY earnings. In the good cycle, that is when the oil prices are benign, all the oil marketing companies tend to trade in double-digit PE multiples. ONGC and Oil India need a clear roadmap for sustainable volume growth to achieve re-rating. ....
PSU re-rating, however fast and furious, should not be taken lightly, believes brokerage house Emkay. With elections coming soon and investors remaining open to all ideas, as long as a risk/return playoff makes sense - Unless you are averse to buying PSUs, this seems like a no-brainer, it said. ....