Untuk penggemar pgas.
PGAS Expected to Reach at IDR13,500
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Wednesday, 8 August 2007 11:58:23
StockWatch (Jakarta) - Shares of state gas distributor PT Perusahaan Gas
Negara Tbk (PGAS) have been recommended for buying Kim Eng Securities at target
price of IDR13,500 per share.
PGAS closed at IDR10,000 per share in the trading on Tuesday (7/8) so the
target price of IDR13,500 per share implies a potential increase of 35%.
Kim Eng said in an analysis report that the government approved Perusahaan Gas
Negara's plan of raise selling price by 9.73% since August 1, from US$5 per one
million metric british thermal unit (MMBTU) at US$5.4865 per MMBTU. Kim Eng
said the approval was given earlier than the previously expected schedule on
October 2007.
Meanwhile, the construction of gas distribution network from Grissik to
Pagardewa is expected to be completed in September or by the end of October. If
the project is completed in line with schedule, the company's gas supply from
South Sumatra to West Java is expected to increase from 70 million metric
standard cubic feet per day (mmscfd) to 150-170 mmscfd in October.
Besides, the company's gas supply in December 2007 is projected at 170-232
mmscfd, Kim Eng said. For comparison, last year the company distributed 323
mmscfd gas to the customers, the securities firm said.
Perusahaan Gas Negara which is 55.22% owned by the government is expected to
have a significant revenue increase after the South Sumatera -West Java gas
pipelines are completed, following increase in the gas volume which is sold at
lower prices.
Kim Eng said it has revised Perusahaan Gas Negara's sales target in 2007 from
IDR9.348 trillion at IDR9.497 trillion, or 1.59% while the net profit
projection has been upgraded by 4.22% at IDR3.164 trillion from IDR3.036
trillion and thenet profit projection raised by 5.03% at IDR1.858 trillion from
IDR1.769 trillion.
According to Kim Eng, the projections have been made on assumption that the
average sales volume is 453 mmscfd, while the average selling price target has
been upgraded from US$5.3/MMBTU at US$5.4/MMBTU, and the average purchasing
price has been increased at US$3.31/MMBTU. (dwi/bud)
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