(PGAS IJ / PGAS.JK, OUTPERFORM - Maintained, Rp2,800 - Tgt. Rp3,200, Utilities)
In a conference call with analysts, management indicated that gas sales volume from its distribution business has been rising since the beginning of this year. Current gas sales volume is 740 million cubic feet per day (mmcfd), up 28% from FY08's 578mmcfd. Management indicated that its selling gas price of US$5.50/mmbtu will be maintained this year due to national elections and a new government will not come in until Oct 09. Maintain OUTPERFORM and Rp3,200 DCF-based target price for its strong earnings growth on the back of higher sales volume to power customers.
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