PGAS.JK | OUTPERFORM - Maintained | Share Price Rp4,625.00 - Tgt. Rp5,400.00
Gas Transmission & Dist | - by Erindra KRISNAWAN / Peter P. SUTEDJA, CFA
The 9M12 results met our forecast as costs came in lower than expected, buffering weak volume. Having bagged the approval for a gas price increase, PGAS’s next growth driver should be volume expansion. Its forays into new LNG supply may be the next catalyst. 9M12 core net profit was in line, at 75% of our full-year forecast, but was slightly ahead of consensus estimate at 80%. We raise our SOP-based price target as we extend it to end-13 while maintaining our Outperform call.
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