Trimegah (LG)

PGAS: midstream business is not affected by PLN's plant to set gas prices, CEO says
Gigih Prakoso, President Director, said that the recent plan from PLN to set gas prices will not affect PGAS' business as PLN dealt with the upstream players (KKKS) with the gas price of USD6/mmbtu. He added that the pricing in the midstream is already regulated by the 7% margin in Peraturan ESDM No 58 2017.
Source: Katadata
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Comment:
This is a positive sentiment for PGAS and I expect the share price could rebound. Note that PGAS share price down by 9% in last Friday after the news mentioned that PLN, represented by Andy Sommeng Director General of Electricity Ministry of ESDM, plans to set gas prices of USD6/mmbtu which triggered panic selling by investors as PGAS purchases gas at USD6/mmbtu implying a downside risk to the earnings. However, President Director of PGAS already gave a firm statement that the proposed gas price cap by PLN will only affect the upstream players and not PGAS' business. We have a BUY for PGAS with TP 3,000.
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