PGAS:IDXPT Perusahaan Gas Negara (Persero) Tbk Class B Analysis

PT Perusahaan Gas Negara (PGAS) trades at IDR 1,935, comfortably above the calculated support of IDR 1,885 and well below the 52‑week high of IDR 2,520, offering a modest upside of ~4.5% per the DCF model. The stock is markedly cheap on a earnings basis, with a trailing P/E of 8.87 versus an industry average of 23.40, and it delivers an attractive dividend yield of 9.39% supported by a payout ratio of 87%. Technical indicators show mixed signals: the 20‑day SMA (2,200) and 50‑day SMA (2,136) sit above the current price, while the RSI is in oversold territory at 35.9 and MACD is bearish, suggesting short‑term price pressure but a broader bullish trend per the SMA‑200 (1,818) and volume acceleration. Moody’s has placed the credit outlook at negative, and the company plans a sizable capex of IDR 5.93 trillion in 2026 to expand its mid‑stream and downstream gas network, which could boost revenue growth beyond the current 8.3% rate. The combination of low systematic risk (beta ~0.19), high liquidity, and extreme‑greed market sentiment further underlines a potentially favorable entry point, provided investors monitor regulatory developments and the credit outlook.
Overall, PGAS appears undervalued with solid cash generation (operating cash flow IDR 657 M) and a sustainable dividend, making it a compelling candidate for investors seeking income and long‑term exposure to Indonesia’s gas infrastructure transition.