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ID : Perusahaan Gas Negara - At the intersection

PGAS reached a mutual understanding with KESDM, and may receive gas price cut compensation. Meanwhile, it still has outstanding tax disputes. In a blue sky scenario, its equity valuation could be Rp2,200/share. In a bear case scenario, its equity valuation could be Rp950/share. Divestment of SEI’s assets or as a corporation could be a re-rating catalyst. We upgrade from Reduce to Hold with a DCF-based TP of Rp1,300.


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