Perusahaan Gas Negara (PGAS IJ): Asset write-down in 4Q25

Perusahaan Gas Negara (PGAS IJ)
BUY / TP: IDR:2,630 (+34.5%)
Analyst: Chandra Pasaribu

Asset write-down in 4Q25
• Below expectation from one-offs
• Gas distribution remains main contributor
• Rolling over to FY2026, our new TP is IDR2,630
• Re-iterate BUY