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PGAS

Contact our analyst Eka
BUY
17th June 2022
Price Rp 1820
Target price Rp 2320
Upstream revenue jumps
  • PGAS revenue jumped +14.2% YoY to USD 836.9 million in 1Q2022 due to higher crude oil and gas prices which meant upstream Oil & gas revenue jumped +140% to USD 122 million.
  • Gas trading and transmission sales also increased +1.7% YoY to USD 667 million as gas sales volume was higher from strong industrial demand.
  • In term of gross profit margin, trading and transmission margins were lower at 13.8% compared to 15.8% in the 1Q2021 . While the exploration and production of oil and gas jumped to 31.9% from -40% in 1Q2021 due to higher crude and oil prices.
  • We revise up our 2022F revenue target as the demand for gas continues to recover with higher crude oil and gas prices. We are now expecting a better 2022F with revenue reaching USD 3.5 billion or +15% growth.
•
1Q2022: Higher Margin
  • PGAS booked net profit growth of +92.4% YoY to USD 118.5 million in 1Q2022. The growth came mainly  from higher revenue from higher crude oil and gas prices, as well as a forex gain. The net profit margin increased to 14.2% from 2.3% in 4Q2021.
  • PGAS also booked higher operating profit +60.8% YoY to USD 154.3 million with lower operating expenses. This resulted in a higher OPM of 18.4% in 1Q2022 from 13% in 1Q2021.
  • Profit before taxes was also higher +61% YoY to USD 168.1 million helped by lower finance costs, down -4% YoY and a larger forex gain, +50.5% YoY.
  • As we have revised up PGAS’s top line, we expect PGAS’s net profit in 2022F will reach USD 379.5 million or +25% YoY as we expect continued strength from the upstream business.
•
Valuation:  BUY, with TP 2,320
  • We maintain our recommendation to buy as we expect the upward trend will continue. Our DCF valuation with WACC at 11.8%, gives a target price of IDR 2,320 or 27% upside which is a 9.4x PE valuation within one year.
Read the full report

Previously

​PGAS Mar2022
​PGAS Nov2021
​PGAS Oct2021
​PGAS Jun2021
​PGAS Apr2021
​PGAS Dec2020
​PGAS Sep2020
​PGAS Apr2020
​PGAS Feb2020
​PGAS Oct2019
PGAS, Feb2019
​PGAS, JUL2018
​PGAS, Mar2018
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