Quick takes - Gas delivery up to speed - by Itphong Saengtubtim
(PGAS IJ / PGAS.JK, OUTPERFORM - Maintained, Rp1,880 - Tgt. Rp2,550, Utilities)
PGAS recently announced that its gas delivery to PT Perusahaan Listrik Negara's (PLN) power plant at Muara Tawar has reached an average of 200-210 million standard cubic feet (mmcfd). This achievement is in line with the company's schedule and our expectations. It is positive for PGAS as PLN's Muara Tawar power plant is the key growth driver of its gas sales volume this year. We are maintaining our sales volume forecast of 730mmcfd for this year (+25% yoy). Maintain Outperform for its strong earnings growth. PGAS's core earnings should increase by 48% in FY08 and another 50% in FY09 on the back of higher sales volume to power customers.
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