BINAARTHA SEKURITAS
  • Home
  • Company
  • Research
  • Online Trading
  • E-IPO
  • NEWS
  • FAQ

PGAS

Contact our analyst Eka
To get our latest research, open a Binaartha Online Trading account here
Post Merger Result
February 2019
Price Rp2,610
Target price Rp2,960
Picture
Picture
Strong 2018FY Results post acquisition
  • •In 2018, PGAS's consolidated revenue reached USD 3.87 billion, +8.4% yoy (as restated)
  • ​Gross profit reached USD 1.3 billion +11% yoy compared to 2017 USD 1.18 million.
  • EBITDA margin increased to 31.0% from 30.3%.
  • Net Income grew +55.3% to USD 305 million, from USD 198 million in 2017.​
The gas sub-holding synergy
  • PGAS is now the holding company for the integrated gas (midstream and downstream) business.
  • PGAS’s distribution volume reached new heights in 2018 at 967 MMScfd +8% yoy from 898 MMScfd in 2017.
  • For 2019, PGAS is targeting volume at 900 – 950 MMScfd, unchanged from 2018.
  • In Transmission, volume reached 2,101 MMscfd, +1% yoy.
  • We expect PGAS revenue in 2019F to reach USD 4.06 billion or +5% yoy. ​
Valuation:
  • HOLD with TP 2,960 with 13.4% Upside
  • A DCF valuation with WACC at 8.35%, gives a revised target price of IDR 2,960 or 13.4% upside which is a 15.4x PE valuation within one year. HOLD
Read the full report

Previously

PGAS July, 2018
​PGAS March 2018
PT. Binaartha Sekuritas

Setiabudi Atrium, Jl. HR Rasuna Said No.62, RT.18/RW.2, Karet Kuningan, Setia Budi, Jakarta Selatan, DKI Jakarta 12920
+62215206678 | email: kyc.online@binaartha.com

Follow Our Social Media
Picture
binaarthasekuritas
Picture
​binaartha sekuritas​
Picture
Linkedin
Picture
@binaarthasekuritas
Picture
Binaartha research
  • Home
  • Company
  • Research
  • Online Trading
  • E-IPO
  • NEWS
  • FAQ