(PGAS IJ / PGAS.JK, OUTPERFORM - Maintained, Rp2,425 - Tgt. Rp2,800, Utilities)
PGAS yesterday signed a Head of Agreement with PT PERTAMINA (Persero) (Pertamina) and PT PLN Persero (PLN) on a joint venture for a LNG Receiving Terminal in West Java. The announcement has confirmed that the project is still viable. Given that it is in the early stage, there will be no impact on PGAS's earnings over the next few years. However, the project should be positive for PGAS given strong gas demand and the fact that it would start operating at a time when PGAS's gas pipeline utilisation rate is expected to reach a maximum. In addition, we expect a reasonable IRR for PGAS due to its lower investment costs. Maintain Outperform with a higher DCF-based target price of Rp2,800 (from Rp2,550) following the use of a lower discount rate.
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