Kangduren & Tora... Jangan kuatir, Kim Eng juga nyangkut di PGAS PGAS Recommended for Buying ________________________________________
Monday, 21 April 2008 10:15:20 StockWatch (Jakarta) - Shares of state gas distributor PT Perusahaan Gas Negara Tbk (PGAS) have been recommended for buying by Kim Eng Securities' analyst Ricardo Silaen, at target price IDR16,400 per share which implies a 2008 price-to-earning ratio (PER) of 16.2x. At 09:53 JATS time on Monday (21/4) in the Indonesia Stock Exchange (IDX) regular market, PGAS was up IDR50 per share at IDR12,750 on transaction volume of 6,443 lots with total value of IDR41,505 billion. Ricardo Silaen said in an analysis report that the new gas price formula is expected to become a catalyst for the company. He said Kim Eng expects gas prices to climb by 8% and 5% at US$5.94 per mmbtu in 2008 and US$6.24 per mmbtu in 2009. Earlier, Perusahaan Gas Negara's president Sutikno said the company will consider consumer purchasing power before deciding on the new gas price. Sutikno made the statement after the government's plan to increase the ceiling of gas price from US$5.5 per mmbtu to US$11.4 per mmbtu. Perusahaan Gas Negara on April 14, 2008, signed a gas sale and purchase agreement with ConocoPhilips Ketapang. Based on the agreement, PGN will get additional gas supply of 50 MMScfd from ConocoPhilips Ketapang for industrial need in the eastern part of Java for the next five years, 2011-2015, that will be transmitted in phases from 22.7 MMScfd to 62.3 MMScfd. (konrad/bd)
