Today we issue our initiation report on Perusahaan Gas Negara (PGAS) with a target price of Rp3,975.
Our key investment thes is are:
1) PGAS is prime to benefit from Indonesia’s moves to reduce dependency on fuel oil and promote gas usage
2) With infrastructure in place and inventory built up, PGAS sets to deliver the goods
3) Pricing and new gas supply will be the catalyst for PGAS’ performance going forward
4) Valuation wise, PGAS is attractively traded among Asian’s large cap gas utility players
Tuesday, June 9, 2009
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