Shares of oil and gas producer Energi Mega Persada (ENRG) gained 62.9% year-to-date to Rp114 this morning. Still, ENRG is valued only 50% of its equity. It is true that net profit collapsed 80% to US$40 million in nine months of 2013, but that was attributable to one-off hefty profit from divestment of Masela Block last year.

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