Perusahaan Gas Negara (PGAS IJ): Swings in distribution margin

Perusahaan Gas Negara (PGAS IJ)
BUY / TP: IDR:1,835 (+13.3%)
Analyst: Chandra Pasaribu

Swings in distribution margin
• Being in line with expectation
• Stable volume with changing composition
• Growth in other segments except oil & gas (O&G).
• We upgraded our rating to BUY – Undemanding valuation