CIMB (YU)
PGAS HOLD 2250
PGAS: 9M18 result - Strong gas distribution volume offset by lower ASP
PGAS booked a solid core NP of US$238m (+10% yoy, +50% qoq) in 9M18. This is in line with our expectations, but ahead of the consensus number.
9M18’s gas distribution volume of 849mmscfd (+11% yoy) was above our forecast, but ASP of US$8.36/mmbtu was 1% below our estimate for FY18F.
Aurelia maintain her Hold call unchanged DCF-based TP of Rp2,250
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