6 December 2006 Perusahaan Gas Negara (PGAS IJ / PGAS.JK, OUTPERFORM - Maintained - RP10,800, Target: Rp14,489) Company visit - Delay in domestic gas price increase by Robert Adair Following mixed signals in the past two months, PGN's management has confirmed that the expected Jan 07 increase in domestic gas prices will be delayed, most probably until Jun 07. Investors now face uncertainties over all future price increases. There is a 4-7% impact on PGN's FY06-08 earnings from the delay, since the negative pricing effect is mitigated by higher distribution volume forecasts. We maintain our Outperform rating on the back of significantly higher future distribution volumes, but with a reduced DCF-based target price of Rp14,489 (Rp15,340 previously). Here's the Full Report [ Click here ] or the link below http://www.gohdirect.com/NASApp/spaf/econtent/ind/PGAS-IND-061206.pdf To view these reports, you need to have Adobe's Acrobat Reader. To download a free reader, click here. PS: if you wish to Opt-Out or Change your Mailing Details, please send an email message to [EMAIL PROTECTED] Otherwise call your respective Salesperson. [ The contents of this e-mail may be confidential. Do not disclose, copy or distribute it if you are not the intended recipient. It may also be unlawful to do so. This e-mail is sent without any implied warranty or representation as to the accuracy or completeness of its contents, or as to the authority of the sender to send it. Do not rely on its contents without written confirmation from a duly authorised employee of CIMB. Please notify [EMAIL PROTECTED] if you have received this message in error. ] Disclaimer: This email may contain privileged and/or confidential information intended only for the use of the addressee. If you are not the addressee, or the person responsible for delivering it to the addressee, you may not use, copy or deliver this to anyone else. If you receive this email by mistake, please immediately notify us. Opinions contained herein may be the personal opinion of the sender and do not necessarily represent the views of the Company. If you are in any doubt as to whether the opinions are officially endorsed by the Company, please contact our Compliance Dept at (+65) 6225 1228 for clarification.
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