STOCKS NEWS INDONESIA-UBS raises Perusahaan Gas Negara to 'neutral'

UBS Investment Research raised its rating on PT Perusahaan Gas Negara Tbk to 'neutral' from 'sell', citing improving margin spread and better volume outlook for the Indonesian state-owned gas and energy company.

"PGAS secured a $2.8/mmbtu (million metric British thermal units) spread on gas from East Java traders versus our forecast of $1.5/mmbtu and Nusantara Regas, of which PGAS owns 40 percent, secured a $3/mmbtu spread on LNG versus our $1/mmbtu expectation," analyst Sebastian Tobing wrote in a note on Friday.

"This is important as we expect LNG and traders to contribute more to PGAS' supply in the future," he said.

UBS also said it is more optimistic on the firm's future volume, possible acquisition of seven domestic gas fields and LNG supply from the US.

The research house raised its target price on PGAS to 4,600 rupiah from 3,700 rupiah, citing a higher growth rate of 5 percent and 15.6 percent return on invested capital.

At 11.39am (0439 GMT), PGAS shares were down 2.25 percent at 4,350 rupiah, while the broader index was down 0.43 percent.

1140 (0440 GMT)

(Reporting by Andjarsari Paramaditha, Editing by Subhranshu Sahu) **************************************************************** 11:33 RTRS-STOCKS NEWS INDONESIA-Global Mediacom falls on shareholder's stake sale plan

Shares in Indonesia's largest media company PT Global Mediacom Tbk dropped as much as 7.45 percent on Friday after a shareholder offered for sale its 6.4 percent stake in the company.

Winfly Ltd offered 675 million shares with an upsize option of 225 million shares at a price range of 2,125 - 2,250 rupiah each, aiming to raise up to $211 million from the deal. .

At 11.17 am (0417 GMT) the stock was down 4.26 percent at 2,250 rupiah while the broader Jakarta Composite Index was down 0.32 percent. 1037 (0337 GMT) (Reporting by Andjarsari Paramaditha, Editing by Anupama Dwivedi)