JPM Indo: Research call - PGAS - downgrade from O/W to Neutral

Dec PxT reduced to Rp4,300 after he incorporates: 1) Higher cost of gas of US$2.60/MMbtu from US$2.54/MMbtu. 2) Incorporate FY09 results into the model. 3) Incorporate Rp strengthening from Rp9,500 to Rp9,000. 4) Incorporate the recent effective price increase, which we calculate to be 10.7% Y/Y. These adjustments resulted in us lowering our FY10 core income estimate by 4.9%.