Pertamina Geothermal (PGEO IJ): Robust performance

Pertamina Geothermal (PGEO IJ)
BUY / TP: IDR:1,025 (+12.0%)
Analyst: Chandra Pasaribu

Robust performance
• Results for 1Q25 were in line
• Margin was US$3.62/KWh
• Capex remains slow despite the strong balance sheet
• Re-iterate BUY with unchanged TP of IDR1,025