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

Not a steady recovery course
• Distribution volume down -2.2% MoM
• Tax dispute with regulator
• Cautious spending on Capex
• Re-iterate BUY with a TP of IDR2,200