We think gas distribution volume was likely strong in 3Q18 but should normalise in 4Q18. We now expect FY18F average volume of 839mmscfd.
We raise our FY18-20F core EPS forecasts by 2.1-5.2% due to higher average oil price and gas distribution volume estimates.
Maintain Hold. We raise our DCF-based target price to Rp2,250 (WACC: 9.6%, LTG: 0%).Trendspotter-10October18