Analysts Neutral on PGAS Amid Muted Outlook, Margin Risks

Bisnis.com, JAKARTA — The majority of brokers are maintaining a neutral outlook on state-owned gas distributor PT Perusahaan Gas Negara (PGAS), despite the company’s stock outperforming the IDX Composite (IHSG) this year.

Analysts cited the risk of dipping spread margin, which could pressure PGAS’ profitability, as a key factor behind the rating. The spread margin refers to the difference between gas selling price offered by the company and the purchase price from producers.