PGEO Projected to Rally After Q3/2023

The stock price of PT Pertamina Geothermal Energy Tbk. (PGEO) is projected to continue rallying amid the shift towards a green economy and green energy trends.

Rinaldi Azka

26 Nov 2023 - 17.27
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PGEO Projected to Rally After Q3/2023

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Bisnis, JAKARTA — The stock price of PT Pertamina Geothermal Energy Tbk. (PGEO) is projected to continue rallying amid the shift towards a green economy and green energy trends.

MNC Sekuritas research analyst Alif Ihsanario said the firm’s assessment is based on an in-depth analysis of PGEO's stock progress and business performance. “This rating is given considering PGEO's stable growth, strategic projects, and strong government support for the development of renewable energy,” he said, as quoted on Saturday (25/11/2023).

Alif said PGEO’s target price of IDR1,830 reflects a potential 46.4% rally from the current price, with a price-to-book value (PBV) of 3.3 times. Meanwhile, on Tuesday's trading session, PGEO opened at IDR1,255 and experienced 10-points increase.

“This analysis is also based on [PGEO’s] Q3-2023 report, where PGEO recorded exceptional performance with a year-on-year [YoY] increase in revenue from $287.4 million to $308.9 million,” he said.

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PGEO Projected to Rally After Q3/2023

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