MS Ngajakin SELL/SHORT BUMI gak ??? Hehehehe.... Hahahah.....
________________________________ From: positif 01 <[email protected]> To: Sent: Thursday, August 11, 2011 8:15 AM Subject: [saham] Morgan Stanley - Summary Update: PGAS Reiterate SELL: Margin Pressure Imminent (August 10) We expect an imminent increase in input gas prices for PGAS. This should occur via either: 1) by policy action; or 2) PGAS buying gas expensively. Hence we see distribution gross margin returning from the current high levels of US$4/mmbtu to the normalized US$3.2/mmbtu. Distribution margins: Regulator can’t force a gas price increase so PGAS will try to maintain margins. Management believes that PGAS’ contracts with E&P players have no clauses that involve the government; hence BPMIGAS cannot force a gas price increase for PGAS. The liability of supplying gas at the contracted price lies with the E&P supplier. PGAS is open to making slight changes in the contract and reducing its margins if it gets security of supply from the existing contracts and secured additional volumes. '+'
