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

PGAS trades at a trailing PE of 10.7x, well below the industry average of 21.3x, suggesting a significant valuation discount. The company generated US$3.94 bn in revenue but posted a modest -3.8% YoY decline, while margins remain thin (gross ~18%, operating ~13%). A dividend yield of 9.8% is attractive, yet the payout ratio exceeds 100%, raising questions about sustainability. On the technical side, the current price of IDR 1,860 sits below the 20‑day (1,893) and 50‑day (1,950) SMAs, and the MACD is in a bearish configuration, indicating short‑term downside pressure. RSI at 44 points to a neutral stance without clear oversold conditions. Volatility over the past 30 days is elevated at roughly 25%, but the stock’s beta of 0.13 points to very low market‑risk sensitivity. Liquidity remains adequate despite a decreasing volume trend, and the utility‑sector backdrop provides a low‑to‑medium risk profile. Overall, the stock appears undervalued from a value‑investor perspective, but short‑term price momentum is weak, and the dividend may be at risk if earnings do not improve.