1Q18: boosted by better distribution volume
PGAS IJ / PGAS.JK | ADD - Maintained | Rp1,985.00 tp:Rp2,920.00
Mkt.Cap:US$3,464.00m | Avg.Daily Vol:US$16.30m | Free Float:43.00%
Gas Transmission & Dist
Author(s):Erwan TEGUH +62 (21) 30061720, Felica TRENSENO
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■ 1Q18 net profit at US$80m (-17% yoy/+78% qoq) was ahead of expectations at 40%/45% of our /Bloomberg consensus’ FY18 estimates.
■ This was boosted by improved distribution volume and slightly stronger-than-expected spreads, though outlook for FY18F is largely unchanged.
■ Dividend payout of 40% (less than anticipated 50%) and change in management were part of the expected acquisition of Pertagas, which remains the key stock catalyst.
■ We maintain our Add call and SOP-based TP of Rp2,920.
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