Mandiri Sekuritas PGAS: 1Q10 net income at Rp1.8tn, above ours and consensus estimates (PGAS, Rp4,050, Neutral, TP: Rp4,225)

􀂄 PGAS posted 1Q10 net income of Rp1.8tn (+45.2%yoy, -3.1%qoq), above ours and consensus estimates.
􀂄 The company booked forex loss reversal from Rp134bn loss in 1Q09 to Rp199bn gain in 1Q10 as most loans are US$
denominated.
􀂄 We still have Neutral recommendation on PGAS which currently is trading at PER10-11F of 18.3-17.3x.