Arsip Juli 2011. Yang ini sudah lama tercapai. Akhirnya, tidak perlu 52 week, cukup 'within'.
Bagaimana? Rp5,000 by Credit Suisse?:d '+' On Tue, Jul 12, 2011 at 1:06 PM, positif01 <[email protected]> wrote: > Elaborated pointers from Morgan Stanley reiterating underweight/sell PGAS > last week, July 8. > > *Gas constraints and 2012 earnings risk*: Our 2012 EPS estimate is 4% > lower than consensus > and assumes gas volumes of 895mmscfd. However, we see up to 8% additional > downside to our > EPS forecast if the 100mmscfd of gas earlier diverted from ConocoPhillips > does not return in > 2012. We expect new gas supplies in Indonesia to ramp up only in 2013, and > with current basins > maturing, gas sourcing will remain issue for PGAS in the medium term. > > *Incremental gas at lower ROE*: PGAS is looking to obtain additional gas > through liquefied > natural gas supplies, coal bed methane, and acquiring stakes in E&P fields. > We estimate the gas > ROE from these sources would be a low 12-15%, versus PGAS’s current average > of 46%. Also, > PGAS’ current transmission business generates an estimated 7% ROE, below > its 15.7% COE. > > *Defensive but unattractive valuations/EBITDA growth*: PGAS, for which we > estimate EBITDA > growth at a 7% CAGR, 2010-13, trades in line with comparables (which have > an estimated > 15-18% growth) in P/E and EV/EBITDA terms. Hence, we expect the stock to > underperform the > broader Indonesian market and other Asian utilities. > > '+' > > On Tue, Jul 12, 2011 at 9:01 AM, positif01 <[email protected]> wrote: > >> Defensive but unattractive valuations. >> >> '+' >> > >
