DBS Perusahaan Gas Negara: Buy; Rp4,050; TP Rp4,800; PGAS IJ

Riding on rising energy demand

· 1Q10 result was within expectations, on track to meet target sales volume and forecasts
· Expect stronger 2Q after 15% average gas price hike effective Apr10
· Maintain Buy and Rp4,800 TP, for stronger earnings ahead and reasonable valuation