GasLog Partners: Distribution growth running out of steam-MS

GasLog Partners LP

17/04/2019 11:49

** Morgan Stanley downgrades GasLog Partners LP  GLOP.N  to
"equal-weight" from "overweight"; cuts PT to $18 from $23
    ** Earnings volatility may increase as the LNG market is
transitioning towards spot trade-MS
    ** Says with the stock trading at a ~10% yield, co's 
distribution capacity seen reaching a plateau; says current
distribution is not fully covered by free cash flows and the
cash burn is likely to grow
    ** Says co's ability to accretively fund new dropdowns has
become increasingly more challenging
    ** 7 of 12 brokerages rate the stock "buy" or higher, 5
"hold"; their median PT is $27
    ** GLOP shares have slipped ~11% so far this year   
    ** GasLog Partners is scheduled to report Q1 2019 results on
April 25 

 (Reporting by Shradha Singh in Bengaluru)
 ((Shradha.singh@thomsonreuters.com))