Kate pak boss prof JT,
3600 aja dolo... jgn ngebut2...
Regards,..
DvD™
"In Te Domine, Speravi Non Confundar In Aeternum"
________________________________
________________________________
From: "CUMI.JK (Buy, TP 5000)" <cumie...@gmail.com>
To: obrolan-bandar@yahoogroups.com
Sent: Wednesday, September 9, 2009 4:00:36 PM
Subject: Re: [ob] To Prof JT .....PGAS.....
3800 nyampe gak?
=======
BUY, BUY, BUY! KEEP BUYING AND NEVER SELL!
Solid
cash flows, BUY maintained
With its
recession-proof business model, PGAS continued to enjoy solid cash flows and
recorded excellent results in 1H09. Currency movements do not pose a threat,
and the company’s main challenge is to secure more gas supply in order to
improve its performance. Major projects are in the pipeline and these could
well play a crucial role in sustaining PGAS’s growth going forward. We remain
positive on the company and maintain our BUY recommendation. Our Target Price
of Rp3,800 translates into PER FY09-10 of 17.9x-13.7x and EV/EBITDA FY09-10 of
9.6x and 7.3x.
LNG
terminal coming up
PGAS has
signed an agreement with Pertamina and PLN regarding the development of an LNG
receiving terminal in West Java. Thus far, neither the structure of the joint
venture nor the associated capital expenditures have been decided, although,
for its part, PGAS has said that the terminal should have capacity of at least
500 mmscfd to attain economies of scale. Yet whatever the structure, the bulk
of the volume will be taken by PLN with PGAS probably taking only around 25-30%
of the total volume. The selling price could be an issue, however, since the
LNG gas cost may be higher than that of natural gas due to the
liquefaction- degasification. In another development, PGAS has been appointed by
BP Migas to develop a LNG receiving terminal in North Sumatra. Likewise, the
details are not yet known. The likely capacity for the North Sumatra LNG
receiving terminal is around 300 mmscfd. The details concerning these projects
are expected to be known some time in the fourth quarter of 2009.
Seeking
higher toll fees
PGAS wants
to raise toll fees for the TGI transmission pipeline (for both the Duri and
Singapore transmission pipelines). However, the hearing with BP Migas is a
long, drawn out process and it may take up to one year. As of now, we are about
six months into the process. PGAS’s proposal is to raise toll fees for the Duri
line up to US$0.7 per mmbtu from US$0.6 previously. For the Singapore
transmission line, meanwhile, PGAS wants to hike the toll fee to US$1.3/mmbtu
from US$0.7. If the negotiations proceed smoothly, then we can expect a toll
fee increase which is effective for six months in FY10, before it applies to
all months in FY11. Based on our estimates, earnings could increase by 5.3% in
FY10 and by 8.6% in FY11, contingent on approval for the toll fee hikes. Note
that we do not include the proposed toll fee hikes in our current estimates.
New
contract with gas flow starting 2012
PGAS has
just signed a gas supply contract with Energy Equity Epic Sengkang (EEES) for
1.5-5mn tonnes of LNG. This translates into gas supply of 200-667mmscfd. The
gas will start to flow in 2012 and PGAS will need to develop an LNG receiving
terminal to serve the domestic market. Pricing of the gas has not been touched
on so far and will be formulated on a cost plus basis since the development of
the gas field has yet to commence. EEES has secured US$400mn in financing from
Standard Chartered for the development of the gas field.
Chandra S. Pasaribu
(62-21) 351 0748chan...@danareksa. com
On Wed, Sep 9, 2009 at 3:53 PM, rangga_the_demon <rangga_the_demon@ yahoo.com>
wrote:
>>....heheehhehe. ..keluar juga...orang cuma mancing doang....berarti masih
>>mnegang dong yak...kalo gitu amannn....hajar maleehhh.... !!!!
>
>
>>--- In obrolan-bandar@ yahoogroups. com, "JT" <jsxtra...@.. .> wrote:
>>>
>
>> Buru2 amat.., emang skrng udh brp? Tunggu test 3600 dulu lah..., let see
>> powernya...
>>>
>>>
>>> ------Original Message----- -
>>> From: rangga_the_demon
>>> Sender: obrolan-bandar@ yahoogroups. com
>>> To: obrolan-bandar@ yahoogroups. com
>>> ReplyTo: obrolan-bandar@ yahoogroups. com
>>> Sent: Sep 9, 2009 13:39
>>> Subject: [ob] To Prof JT .....PGAS... ..
>>>
>>>
>>> ...TP kah..or avg up .....??..need u'r advice sir ...thx b4
>>>
>>>
>>>
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>>> Sent from my BlackBerry® powered by ISAT
>>>
>
>
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