Perusahaan Gas Negara (PGAS IJ)
BUY / TP: IDR:2,200 (+22.6%)
Analyst: Chandra Pasaribu

Further monthly progress
• Distribution volume growing +5.6% MoM
• Notable gains in oil lifting
• Transmission business comprises a weak link
• New TP of IDR2,200 stems from lower risk free rate, BUY