We cut FY21F core EPS by 4% to take into account lower gas distribution volume due to technical difficulties in the Grissik area. In a bear case scenario, our TP for PGAS would be Rp950, and in a bull/blue sky scenario our TP would be Rp1,900/Rp2,150. It trades at attractive valuations while we see more upside than downside risk to valuations. Upgrade to Add on our base case scenario.
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