PT Perusahaan Gas Negara Tbk (PPAAF) Stock Analysis
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
PT Perusahaan Gas Negara Tbk (PPAAF) trades at $0.08334 with AI Score 49/100 (Grade C). PT Perusahaan Gas Negara Tbk (PPAAF) is Indonesia's leading natural gas transmission and distribution company. Market cap: $2.02B, Sector: Utilities.
Price as of Aug 21, 2026 · Last analyzed: Mar 16, 2026Analyst Coverage for PPAAF: PPAAF does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates PPAAF against Utilities peers across nine fundamental dimensions and assigns an underweight signal based on the underlying data.
PPAAF: 1/3 scored disciplines lean bullish. Dominant signal: Ray Dalio bullish.
How is this calculated? →Why this analysis is different
- A 9-signal quantitative MoonshotScore built from filings, insider activity, and market data — computed from the numbers, not from opinion.
- An AI Council read across up to eight perspectives — value, macro, quantitative, and momentum lenses — that shows where they disagree instead of averaging the tension away.
- Figures come straight from FMP and Yahoo Finance filings data. The AI writes the narrative around the numbers — it never edits the numbers.
PT Perusahaan Gas Negara Tbk (PPAAF) Utility Operations & Dividend Profile
PT Perusahaan Gas Negara Tbk (PPAAF) is an Indonesian state-owned enterprise focused on natural gas transmission and distribution. With a market capitalization of $2.02B and a dividend yield of 9.39%, PPAAF serves industrial, commercial, and household users in Indonesia and the United States, operating through gas commercial, exploration, and other segments.
What Is the Investment Thesis for PPAAF?
PT Perusahaan Gas Negara Tbk (PPAAF) presents a compelling investment case due to its dominant position in Indonesia's natural gas market. The company's high dividend yield of 9.39% offers an attractive income stream for investors. Growth catalysts include expanding gas infrastructure and increasing demand from industrial and residential sectors. However, investors may want to evaluate risks such as regulatory changes and fluctuations in natural gas prices. With a P/E ratio of 12.95, PPAAF's valuation appears reasonable, but careful analysis of future earnings potential is essential. The company's expansion into LNG processing and trading could further enhance its revenue streams.
Based on FMP financials and quantitative analysis
PPAAF Key Highlights
Market capitalization of $2.02B, reflecting its significant presence in the natural gas sector.
- P/E ratio of 12.95, indicating a potentially reasonable valuation compared to its earnings.
- Profit margin of 5.4%, showing its ability to generate profit from its revenue.
- Gross margin of 17.3%, reflecting the efficiency of its operations in managing production costs.
- Dividend yield of 9.39%, offering a substantial return to investors through dividends.
Who Are PPAAF's Competitors?
PPAAF is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| BJWTF Beijing Enterprises Water Group Limited | $0.28 | +0.00% | $2.81B | 48 |
| BJWTY Beijing Enterprises Water Group Limited | $23.02 | +0.00% | $3.30B | 44 |
| DRXGF Drax Group plc | $9.78 | +0.00% | $3.29B | 45 |
| EPWDF Electric Power Development Co., Ltd. | $15.39 | +0.00% | $2.71B | 49 |
| PEGRF Pennon Group Plc | $6.23 | +0.00% | $2.94B | 53 |
| PPAAY PT Perusahaan Gas Negara Tbk | $4.10 | +0.00% | $1.99B | 49 |
| NWN Northwest Natural Holding Company | $50.59 | -0.12% | $2.13B | 50 |
| CTRI Centuri Holdings, Inc. | $21.78 | -3.71% | $2.20B | 42 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are PPAAF's Key Strengths?
Dominant market position in Indonesia's natural gas sector.
- Extensive pipeline infrastructure and distribution network.
- Strong government support as a state-owned enterprise.
- High dividend yield offering attractive returns to investors.
What Are PPAAF's Weaknesses?
Exposure to regulatory risks and changes in government policies.
- Dependence on natural gas prices and fluctuations in commodity markets.
- Limited geographic diversification outside of Indonesia.
- Profit margin lower than some competitors.
What Could Drive PPAAF Stock Higher?
Government initiatives to promote natural gas usage in Indonesia.
- Expansion of gas infrastructure projects to connect more regions.
- Potential new contracts with industrial customers in the next 12-18 months.
- Development of LNG processing facilities to cater to growing demand.
- Regulatory changes that could favor natural gas distribution in the next year.
What Are the Key Risks for PPAAF?
Financial-distress signal — its Altman Z-Score of 1.65 sits in the distress zone (elevated bankruptcy risk).
- Inconsistent delivery — missed Wall Street EPS estimates in 6 of the last 8 reported quarters.
- Fluctuations in natural gas prices impacting profitability.
- Regulatory risks and changes in government policies affecting operations.
- Competition from alternative energy sources such as renewables.
- Geopolitical risks and disruptions to gas supply chains.
- Economic downturns reducing industrial and commercial gas demand.
What Are the Growth Opportunities for PPAAF?
- Expansion of Gas Infrastructure: PGN has the opportunity to expand its gas transmission and distribution infrastructure across Indonesia. The Indonesian government's focus on increasing natural gas usage provides a favorable environment for PGN to invest in new pipelines and distribution networks. This expansion can tap into underserved regions and increase the company's customer base, driving revenue growth over the next 3-5 years. The market size for gas infrastructure development is estimated to be in the billions of dollars, offering substantial potential for PGN.
- Increased Demand from Industrial Sector: Indonesia's growing industrial sector is driving increased demand for natural gas as a primary energy source. PGN can capitalize on this trend by securing long-term supply contracts with industrial customers. Focusing on providing reliable and cost-effective gas solutions to industries such as manufacturing, petrochemicals, and power generation can significantly boost PGN's revenue. This growth opportunity is expected to materialize over the next 2-3 years, with the industrial sector representing a multi-billion dollar market for natural gas consumption.
- Development of LNG Processing Capabilities: PGN's involvement in liquefied natural gas (LNG) processing presents a significant growth opportunity. As global demand for LNG continues to rise, PGN can expand its LNG processing facilities to cater to both domestic and international markets. This includes investing in new LNG terminals and liquefaction plants.
- Penetration of Residential Market: PGN can further penetrate the residential market by expanding its gas distribution network to more households. This involves connecting more homes to the gas grid and promoting the use of natural gas for cooking and heating. Government initiatives to encourage the use of cleaner energy sources can support this growth. The timeline for this opportunity is ongoing, with the residential market representing a significant long-term growth potential for PGN. The residential gas market in Indonesia is estimated to be worth billions of dollars.
- Strategic Alliances and Partnerships: Forming strategic alliances and partnerships with other energy companies and technology providers can enhance PGN's capabilities and expand its market reach. This includes collaborating with international companies to develop new gas fields and implement advanced technologies for gas transmission and distribution. Such partnerships can accelerate PGN's growth and improve its competitiveness. The timeline for this opportunity is ongoing, with the potential to unlock significant value over the long term. The market for energy partnerships and collaborations is dynamic and offers numerous opportunities for PGN.
What Are PPAAF's Competitive Advantages?
- Extensive pipeline network providing a significant barrier to entry for competitors.
- Established relationships with key industrial and commercial customers.
- Government support and regulatory advantages as a state-owned enterprise.
- Expertise in natural gas transmission, distribution, and LNG processing.
What Does PPAAF Do?
PT Perusahaan Gas Negara Tbk (PGN), established in 1859 and headquartered in Jakarta, Indonesia, is a prominent natural gas company engaged in the transmission and distribution of natural gas. Serving industrial, commercial, and household users across Indonesia and the United States, PGN operates through three primary segments: Gas Commercial and Transmission, Exploration and Production of Oil and Gas, and Other Operations. The company's activities extend to liquefied natural gas (LNG) processing, oil and gas trading, and exploration and exploitation of oil and gas resources. PGN also offers fiber optic rental for network services, construction and maintenance services, building and equipment management and leasing, and engineering and consultancy services. As a subsidiary of PT Pertamina (Persero), PGN leverages its extensive infrastructure and market presence to maintain its position as a key player in Indonesia's energy sector. With over 3,354 employees, PGN continues to expand its operations and enhance its service offerings to meet the growing demand for natural gas.
What Products and Services Does PPAAF Offer?
- Transmits natural gas through pipelines to various customers.
- Distributes natural gas to industrial, commercial, and household users.
- Engages in exploration and production of oil and gas.
- Processes liquefied natural gas (LNG).
- Trades oil and gas.
- Provides fiber optic rental for network services.
- Offers construction and maintenance services.
- Provides engineering and consultancy services.
How Does PPAAF Make Money?
- Generates revenue from the transmission and distribution of natural gas.
- Earns income from the exploration and production of oil and gas.
- Profits from LNG processing and trading activities.
- Derives revenue from fiber optic rental and other services.
What Industry Does PPAAF Operate In?
PT Perusahaan Gas Negara Tbk operates within the regulated gas industry, a sector characterized by significant infrastructure requirements and government oversight. The Indonesian natural gas market is experiencing growth driven by increasing industrialization and urbanization. PGN competes with other energy providers, including companies involved in alternative energy sources and electricity generation. The industry is subject to regulatory changes that can impact pricing and distribution. PGN's market position is strengthened by its extensive pipeline network and its role as a key supplier of natural gas to various sectors.
Who Are PPAAF's Key Customers?
- Industrial users who require natural gas for manufacturing and production processes.
- Commercial establishments such as restaurants, hotels, and office buildings.
- Household consumers who use natural gas for cooking, heating, and other purposes.
- Power plants that use natural gas to generate electricity.
Company Profile
PT Perusahaan Gas Negara Tbk operates in the Regulated Gas industry within the Utilities sector. It is headquartered in Jakarta, ID. The company is led by CEO Fadjar Harianto Widodo. PPAAF has traded publicly since 2010.
PT Perusahaan Gas Negara Tbk Financial Trajectory
PT Perusahaan Gas Negara Tbk (PPAAF) reported $924.5M in revenue for Q1 2026, a decline of 12.2% compared to the prior quarter. The company recorded net income of $90.0M, with diluted EPS of $0.00. Quarter-over-quarter revenue has been mixed, typical for a mid-cap company operating in Utilities. Across the four most recent quarters, PPAAF averaged $0.00 in diluted EPS.
How PT Perusahaan Gas Negara Tbk Is Valued
PT Perusahaan Gas Negara Tbk carries a market capitalization of $2.02B, placing it in the mid-cap category. Relative to its peer group, PPAAF's quantitative score of 49/100 is roughly in line with the peer average of 48/100.
Key Financial Metrics
Return on equity for PT Perusahaan Gas Negara Tbk stands at 8.8%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 3.9%, showing how much profit it generates from its asset base. PPAAF trades at a trailing price-to-earnings ratio of 7.63, below the Utilities sector average of ~19x. Its free cash flow yield is 17.9%, a gauge of the cash the business throws off relative to its market value. A current ratio of 2.01 indicates the company holds enough short-term assets to cover its near-term obligations. Its earnings yield is 13.1%, the inverse of the P/E and a quick read on earnings relative to price.
Financial Health
PT Perusahaan Gas Negara Tbk's Piotroski F-Score is 8/9, a 9-point checklist of profitability, leverage and efficiency — signaling solid underlying fundamentals. Its Altman Z-Score of 1.65 places it in the distress zone, a signal of elevated financial risk.
Earnings Track Record
PT Perusahaan Gas Negara Tbk has missed Wall Street's EPS estimate in 6 of its last 8 reported quarters — a recurring pattern of falling short of estimates. Reported results have landed about 30.8% below estimates on average.
Forward Outlook
Wall Street analysts project PT Perusahaan Gas Negara Tbk revenue of about $4.06B for fiscal 2026, with EPS near $0.01. The estimate reflects 10 contributing analysts.
PPAAF Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- Dominant market position in Indonesia's natural gas sector.
- Extensive pipeline infrastructure and distribution network.
- Strong government support as a state-owned enterprise.
- High dividend yield offering attractive returns to investors.
Bear Case
- Exposure to regulatory risks and changes in government policies.
- Dependence on natural gas prices and fluctuations in commodity markets.
- Limited geographic diversification outside of Indonesia.
- Profit margin lower than some competitors.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · August 2026
Recent Quarterly Results
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q1 2026 | $924M | $90M | $0.0037 |
| Q4 2025 | $1.05B | -$23M | -$0.0009 |
| Q3 2025 | $967M | $92M | $0.0038 |
| Q2 2025 | $971M | $82M | $0.0034 |
Based on FMP financials and quantitative analysis
PPAAF Latest News
No recent news available for PPAAF.
PPAAF Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for PPAAF.
Price Targets
Wall Street price target analysis for PPAAF.
PPAAF MoonshotScore
What does this score mean?
The MoonshotScore rates PPAAF 0-100 on quantitative fundamentals — growth, financial health, valuation, momentum, and risk.
Leadership: Fadjar Harianto Widodo
Managing Director
Fadjar Harianto Widodo is the Managing Director of PT Perusahaan Gas Negara Tbk. His background includes extensive experience in the energy sector, with a focus on gas infrastructure and distribution. He has held various leadership positions within the company, contributing to its strategic growth and operational efficiency. His expertise spans across engineering, project management, and business development, making him well-suited to lead PGN in a dynamic and competitive market.
Track Record: Under Fadjar Harianto Widodo's leadership, PGN has focused on expanding its gas infrastructure and increasing its market share in Indonesia. He has overseen key projects aimed at improving the reliability and efficiency of gas supply to industrial and residential customers. His strategic decisions have contributed to the company's financial performance and its position as a leading player in the Indonesian energy sector.
PPAAF OTC Market Information
The OTC Other tier represents the lowest tier of over-the-counter (OTC) markets. Companies in this tier often have limited financial disclosure and may not meet minimum listing requirements of major exchanges like NYSE or NASDAQ. These securities are typically more speculative and carry higher risks due to the lack of stringent regulatory oversight and reporting standards compared to listed companies. Investors should exercise caution and conduct thorough due diligence before investing in OTC Other securities.
- OTC Tier: OTC Other
- Limited financial disclosure increases the risk of investing in PPAAF.
- Low trading volume can lead to price volatility and difficulty in executing trades.
- Lack of regulatory oversight may expose investors to fraudulent or manipulative practices.
- OTC Other tier stocks are generally more speculative and carry higher risks.
- Information asymmetry can make it challenging to assess the true value of the company.
- Verify the company's registration and legal status.
- Review available financial statements and disclosures.
- Assess the company's business model and competitive position.
- Research the background and experience of the management team.
- Check for any legal or regulatory issues involving the company.
- Monitor trading volume and price activity.
- Understand the risks associated with OTC investing.
- PT Perusahaan Gas Negara Tbk is a subsidiary of PT Pertamina (Persero), a state-owned enterprise, which provides a degree of credibility.
- The company has a long operating history, having been founded in 1859.
- PGN has a significant number of employees (3354), indicating a substantial business operation.
- The company operates in a regulated industry, which requires compliance with certain standards.
- PGN has a market capitalization of $2.02B, suggesting a sizable enterprise.
Common Questions About PPAAF (Utilities)
What does the AI Score mean for PPAAF?
PPAAF holds an AI Score of 49/100 (Grade: C). This is an educational research signal, not a buy or sell recommendation. PT Perusahaan Gas Negara Tbk (PPAAF) is Indonesia's leading natural gas transmission and distribution company. With operations spanning across Indonesia and the United States, the company plays a …
What does PT Perusahaan Gas Negara Tbk do?
PT Perusahaan Gas Negara Tbk (PGN) is Indonesia's leading natural gas company, responsible for the transmission and distribution of natural gas to industrial, commercial, and household users. PGN operates an extensive pipeline network and is involved in LNG processing, oil and gas trading, and exploration activities.
What do analysts say about PPAAF stock?
Analyst coverage of PPAAF is limited due to its OTC listing. Key valuation metrics include a P/E ratio of 12.95 and a dividend yield of 9.39%. Growth considerations center on PGN's ability to expand its infrastructure, secure new contracts, and capitalize on increasing gas demand in Indonesia. Investors should carefully assess the risks associated with OTC stocks and the specific challenges and opportunities facing PGN in the regulated gas industry.
What are the main risks for PPAAF?
The main risks for PT Perusahaan Gas Negara Tbk (PPAAF) include regulatory risks, fluctuations in natural gas prices, and competition from alternative energy sources. Changes in government policies and regulations can significantly impact PGN's operations and profitability. Volatility in natural gas prices can affect revenue and margins.
How does PT Perusahaan Gas Negara Tbk compare to competitors in its industry?
PT Perusahaan Gas Negara Tbk (PPAAF) distinguishes itself through its extensive infrastructure and dominant market share in Indonesia. While competitors like Berau Coal Energy (BJWTF) focus on coal, and others like Energy World Corporation (EPWDF) are involved in LNG and power generation, PGN's primary focus is natural gas transmission and distribution.
What are the key financial metrics investors watch for PPAAF?
Investors closely monitor PPAAF's revenue growth, profit margins, and dividend yield. Revenue growth indicates the company's ability to expand its customer base and increase gas sales. Profit margins reflect its efficiency in managing costs and generating profits. The dividend yield is a key indicator of the company's ability to return value to shareholders.
What are the key factors to evaluate for PPAAF?
PT Perusahaan Gas Negara Tbk (PPAAF) holds an AI score of 49/100 (low). PT Perusahaan Gas Negara Tbk (PPAAF) presents a compelling investment case due to its dominant position in Indonesia's natural gas market. Not financial advice.
How frequently does PPAAF data refresh on this page?
PPAAF's price was last updated on Aug 21, 2026 and refreshes on page view during U.S. market hours — it is not a real-time exchange feed. Fundamentals update after quarterly filings; the MoonshotScore recalculates nightly; news aggregates continuously.
What has driven PPAAF's recent stock price performance?
PT Perusahaan Gas Negara Tbk (PPAAF) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Dominant market position in Indonesia's natural gas sector. See the News tab for the latest drivers. Past performance does not predict future results.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- Limited analyst coverage due to OTC listing.
- Financial data based on available public information.
- OTC market investments carry higher risk.