RAJA net profit tripled to US$6 mn in 2012

RAJA net profit tripled to US$6 mn in 2012 (+67% qoq)  on higher gas distribution volume and cost efficiency. The company which has a solid reputation among both customers (PLN, Unilever , Surya Toto) and suppliers (ConocoPhilips, Pertamina EP ) hold around 34% market share among private gas distributors in Indonesia.  

RAJA is potentially doubling its gas distribution volume to above 80 mmsfcd with an additional  ~40 mmscfd of new gas from Conoco Phillips. This could push EPS to nearly Rp100 in 2013, translating to PER of only 8.7x vs. PGAS' valuation of 16.7 (consensus number). The company also plans to acquire upstream oil & gas producer in near term. (Disclaimer on)

Source : Listri Adistri