PGAS which has plans to build two FSRT (one in Belawan, North Sumatera, and one in West Java) is eager to complete the two facilities by end 2011. PGAS is in a JV with Pertamina to build West Java terminal and 100% ownership in North Sumatera terminal. Each of the facilities requires an investment of US$250mn. However, PGAS CFO, Riza P admitted that no definite financing arrangements has been done yet. We have not included the projects in our forecasts, as financial feasibility study has not been
completed yet. At Rp3,850, PGAS is trading at FY10F and FY11F PER of 13.5x, and 13.5x, respectively with EV/EBITDA FY10F and FY11F of 8.3x and 7.3x, respectively.
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