Search result for: "Perusahaan Gas Negara"

PT Perusahaan Gas Negara, Tbk (PGAS IJ), recorded the revenue USD1.4bn during the weakening economy in the 1H2017. The largest contribution came from the natural gas, followed by oil and gas sales. Despite the weakening economy, the company will build the natural gas infrastructure to expand the natural gas distribution to public. Natural gas distribution’s.

3Q14 net profit reached USD222m (+14.7% q-o-q), bringing 9M14 figure to USD592m (-7.8% y-o-y), in line, comprising 70%/75% of ours/consensus FY14 target. The q-o-q net profit increase is mainly due to forex gain of USD34m in 3Q14 (vs forex loss of USD11m in 2Q14). We see that gross margin squeeze on higher gas cost to.

PGAS’ 2Q14 core profit of USD201m (+11.3% q-o-q, 23.5% y-o-y) brought 1H14 core profit to USD381m (+2.6% y-o-y), making up 49% of our FY14 estimate of USD786m (+5.4% y-o-y). Higher contribution from its E&P segment led to a higher margin mix in 2Q14, resulting in a 21.4% q-o-q growth in 2Q14 operating profit and a.

2Q14 core profit reached USD201m (+11.3% q-o-q, 23.5% y-o-y), bringing 1H14 core profit to USD381m (+2.6% y-o-y), contributing 49% to our FY14 core profit estimate of USD786m (+5.4% y-o-y). PGAS’ riskier profile from higher contribution from its E&P business segment contributes higher margin mix, bringing 2Q14 operating profit hiked 21.4% q-o-q with higher 33% blended.

We view PGN’s USD5.50/boe shale gas acquisition as a fair deal and should not harm its balance sheet. In fact, it is a wise move to secure gas supply for future pipeline expansion, which reinforces our thesis that PGN is the main beneficiary of the rise in gas infrastructure. Maintain BUY but upgrade our SOTP-based.

PGN’s 1Q14 earnings reached USD177m (-19.3% q-o-q), ie 20% of our and consensus FY14 target. This was dragged mainly by higher than expected 1Q14 revenue cost (+17.8% q-o-q). We cut 2014 and 2015 earnings by 7% and 1% respectively, but maintain the DCF-based IDR6,000 TP and BUY call as we increase our long-term growth rate.

PGAS’ USD3.0bn in FY13 revenue (+16.5% y-o-y) and USD861m in earnings (-3.4% y-o-y) was inline with our forecasts. However, gross margins were lower at 47.2% vs FY12’s 57.1%, given the slow adjustment on selling prices due to the gas supply price hikes back in Sept 2012 & April 2013. We expect gross margin to normalize.

Controversies of PGAS-Pertagas merger plan has been heating up in medias PGAS and Pertamina have expressed their respective views regarding the merger schemes to the government and has led to a concern to investors whether any decisions to be made is for political rather than national interest. We provide scenarios should any synergies be made.

The controversy over the PGAS-Pertagas merger plan is heating up. PGAS and Pertamina have conveyed their respective views on the proposal to the Government, but this has led to concerns whether any decision would be motivated by politics rather than in the national interest. We draw up scenarios of any potential synergies arising from merging.

We think that PGAS-Pertagas potential M&A schemes, open-access & unbundling policies” issues is still a rough scheme, therefore needs further study and unlikely to proceed in the mean-term. We like PGAS given its given its rich cash position to cater diversified projects aligned with strengthening its vertical integrated chain. We see that the share price.