CLSA (KZ) 10 Oct 2018
Norman also shows for PGAS, each US$1/bbl increase of oil price from US$70/bbl would bring in incremental EPS of 2% from our previous 18CL NPAT of US$232m. In addition, we adjusted our numbers to incorporate:
· Better volume in 3Q18 due to usage of peak load gas power plant by PLN in catering demand for Asian Games event.
· Pertagas acquisition into 19CL; on the 51% acquisition, we assumed 50% cash payment and 50% debt payment (9% interest expense).
As such, we see 10-15% change in our net profit estimates for 2018-19CL. We also upgrade our recommendation to OPF (from UPF) with TP Rp2,450 (from Rp2,100).
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