External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

<ul><li>During the Capital Market Day event, MEDC unveils flat O&amp;G production target, with a 10% growth in power sales from Ijen Geothermal in FY25.</li><li>Medco Power aims to grow an additional 504MW+ 2,025MWp by FY30 through Pulau Bulan Solar PV, Ijen Geothermal, and DEB expansion.</li><li>We maintain a Buy rating with an unchanged SOTP-based TP of Rp1,700.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

During the Capital Market Day event, MEDC unveils flat O&amp;G production target, with a 10% growth in power sales from Ijen Geothermal in FY25.Medco Power aims to grow an additional 504MW+ 2,025MWp by FY30 through Pulau Bulan Solar PV, Ijen Geothermal, and DEB expansion.We maintain a Buy rating with an unchanged SOTP-based TP of Rp1,700.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Medco Energi International (MEDC IJ) - No Surprises in FY24-25 Guidance

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-8954'>Greentown China</a></li><li><a href='#lucror-entity-20844'>Medco Energi</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Greentown ChinaMedco Energi

Morning Views Asia: Greentown China, Medco Energi

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Medco Energi's ESG as "Adequate", in line with its scores for the Environmental, Social and Governance pillars. Controversies are "Immaterial" and Disclosure is "Adequate".

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We assess Medco Energi's ESG as "Adequate", in line with its scores for the Environmental, Social and Governance pillars. Controversies are "Immaterial" and Disclosure is "Adequate". 

Medco Energi - ESG Report - Lucror Analytics

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-8954'>Greentown China</a></li><li><a href='#lucror-entity-20844'>Medco Energi</a></li><li><a href='#lucror-entity-22202'>Vedanta Resources</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Greentown ChinaMedco EnergiVedanta Resources

Morning Views Asia: Greentown China, Medco Energi, Vedanta Resources

<ul><li>We expect MEDC to book inline 2Q24 earnings, backed by AMMN’s rising contribution on the back of higher volume and ASP.</li><li>2H24 outlook: Lower production from maintenance, potentially offset by AMMN.</li><li>We resume coverage with a Buy rating but with a lower SOTP-based TP of Rp1,700 (Rp1,950 prev.), reflecting our lower FY24-25E earnings est.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect MEDC to book inline 2Q24 earnings, backed by AMMN’s rising contribution on the back of higher volume and ASP.2H24 outlook: Lower production from maintenance, potentially offset by AMMN.We resume coverage with a Buy rating but with a lower SOTP-based TP of Rp1,700 (Rp1,950 prev.), reflecting our lower FY24-25E earnings est.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Medco Energi International - Expect 2Q24 Earnings Support from AMMN Amidst Flattish Oil Price

Indonesia

MedcoEnergi is an Indonesian multinational energy and natural resources company. It focuses on upstream oil and gas exploration and production, clean energy development, and copper and gold mining operations. The company was founded in 1980 and is headquartered in Jakarta, Indonesia.

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MedcoEnergi (MEDC IJ)

Medco Energi International (MEDC IJ) - No Surprises in FY24-25 Guidance

During the Capital Market Day event, MEDC unveils flat O&G production target, with a 10% growth in power sales from Ijen Geothermal in FY25.

BRI Danareksa Research

Morning Views Asia: Greentown China, Medco Energi

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Medco Energi - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Medco Energi's ESG as...

Lucror Analytics

Morning Views Asia: Greentown China, Medco Energi, Vedanta Resources

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Medco Energi International - Expect 2Q24 Earnings Support from AMMN Amidst Flattish Oil Price

We expect MEDC to book inline 2Q24 earnings, backed by AMMN’s rising contribution on the back of higher volume and ASP. 2H24 outlook: Lower...

BRI Danareksa Research

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