Analisa Saham PGAS | 27 Agustus 2018
FR CGS-CIMB (YU) : Perusahaan Gas Negara
Robust volumes vs. Pertagas overhang
PGAS IJ / PGAS.JK | HOLD - Maintained | Rp1,930.00 tp:Rp1,980.00▲
Mkt.Cap:US$3,210.00m | Avg.Daily Vol:US$10.65m | Free Float:43.00%
Gas Transmission & Dist
Author(s):Aurelia BARUS +62 (21) 3006 1721, Namira LAHUDDIN
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PGAS’s 1H18 core NP jumped 132% yoy to US$156m (-46.5% qoq), backed by strong gas distribution volume of 835 mmscfd (+11.6% yoy).
It will pay US$0.6bn cash for the first half of the Pertagas acquisition cost in FY18. The rest will be settled in FY19 via debt financing, an equity swap or a rights issue.
In our view, swapping a 25.5% stake in Pertagas (worth US$0.6bn) for a 74% stake in SEI (1x P/BV) is better than debt financing. A rights issue is our least favourite option.
The largest overhang remains whether PGAS buys the remaining 49% of Pertagas and at what valuation, in our view.
We keep our Hold call with a higher DCF-based TP of Rp1,980 (WACC: 9.6%).
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