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>Medco Energi International (MEDC IJ)Solid FY27F Pipeline and AMMN Ramp-Up, with Growth Optionality from New Assets.</li><li>Sambar, Rebonjaro, and Sakakemang lift FY27F production outlook from 170 to 178 mboepd (+4.6% y-y).</li><li>We also raise our estimate on AMMN contribution and oil price assumptions amid tightening supply outlooks. </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.

Medco Energi International (MEDC IJ)Solid FY27F Pipeline and AMMN Ramp-Up, with Growth Optionality from New Assets.Sambar, Rebonjaro, and Sakakemang lift FY27F production outlook from 170 to 178 mboepd (+4.6% y-y).We also raise our estimate on AMMN contribution and oil price assumptions amid tightening supply outlooks. 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) Solid FY27F Pipeline and AMMN Ramp-Up...

<ul><li>Medco Energi International (MEDC IJ)1H26 Preview: Solid Volume, Firm Oil Prices &amp; AMMN Contribution to Drive Earnings Rebound.</li><li>2Q26 O&amp;G output stayed strong at 171 mboepd (+1.2% q-q; +18.2% y-y), with key projects on track.</li><li>Expect 2Q26 earnings to rebound on firmer prices and AMMN contribution. </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.

Medco Energi International (MEDC IJ)1H26 Preview: Solid Volume, Firm Oil Prices &amp; AMMN Contribution to Drive Earnings Rebound.2Q26 O&amp;G output stayed strong at 171 mboepd (+1.2% q-q; +18.2% y-y), with key projects on track.Expect 2Q26 earnings to rebound on firmer prices and AMMN contribution. 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) 1H26 Preview: Solid Volume...

<ul><li>Medco Energi International (MEDC)FY26F Earnings Rebound on Higher Volumes, AMMN and Oil TailwindsFY25 headline was weak, but core operations stayed resilient; 4Q25 O&amp;G production rose to 176 mboepd, setting a stronger base</li><li>We expect FY26F earnings to improve on Corridor, Forel and Terubuk contribution, plus higher oil assumption amid ME tensions</li><li>We maintain Buy rating and raise TP to Rp2,200, backed by 42-44% FY26F-27F earnings upgrades and stronger AMMN support. </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.

Medco Energi International (MEDC)FY26F Earnings Rebound on Higher Volumes, AMMN and Oil TailwindsFY25 headline was weak, but core operations stayed resilient; 4Q25 O&amp;G production rose to 176 mboepd, setting a stronger baseWe expect FY26F earnings to improve on Corridor, Forel and Terubuk contribution, plus higher oil assumption amid ME tensionsWe maintain Buy rating and raise TP to Rp2,200, backed by 42-44% FY26F-27F earnings upgrades and stronger AMMN support. 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) FY26F Earnings Rebound on Higher Volumes

<ul><li>We expect AMMN to drive 4Q25F and FY26 earnings rebound despite oil price pressure, supported by copper export approval.</li><li>We expect the Corridor PSC ownership increase to drive FY26F production uplift, contributing ~30% of estimated total production vol.</li><li>We upgraded FY26F-27F earnings and raise our TP to Rp2,000, reflecting higher output assumptions and rerating supported by AMMN recovery.</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 AMMN to drive 4Q25F and FY26 earnings rebound despite oil price pressure, supported by copper export approval.We expect the Corridor PSC ownership increase to drive FY26F production uplift, contributing ~30% of estimated total production vol.We upgraded FY26F-27F earnings and raise our TP to Rp2,000, reflecting higher output assumptions and rerating supported by AMMN recovery.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) Higher Corridor Ownership and AMMN Normalization...

Thematic (Sector/Industry)

<ul><li>JCI posted a 3.5% rebound, bringing YTD performance to -5% while during the week EM has sustained outperformance (led by South Korea’s KOSPI Index +8%, Taiwan’s TWSE Index +6%, Thailand’s SET Index +6%) compared to US market’s -1%.</li><li>While JCI’s last week performance was in-line with EM, the gains were mainly led by the rebound in conglo group stocks (DSSA +10.5%, BRMS +14.3%, BUMI +29.2%), while fundamentals stocks were among the laggards (BBCA -6.2%, ASII -0.7%).</li><li>Government reaffirms stronger growth outlook. In Economic Outlook update, President Prabowo reaffirms FY26 GDP growth target of 5.4% (base case), while MOF sees upside to 6% (per Pak Purbaya) and 5.5– 6.0% in 1Q26.</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.

JCI posted a 3.5% rebound, bringing YTD performance to -5% while during the week EM has sustained outperformance (led by South Korea’s KOSPI Index +8%, Taiwan’s TWSE Index +6%, Thailand’s SET Index +6%) compared to US market’s -1%.While JCI’s last week performance was in-line with EM, the gains were mainly led by the rebound in conglo group stocks (DSSA +10.5%, BRMS +14.3%, BUMI +29.2%), while fundamentals stocks were among the laggards (BBCA -6.2%, ASII -0.7%).Government reaffirms stronger growth outlook. In Economic Outlook update, President Prabowo reaffirms FY26 GDP growth target of 5.4% (base case), while MOF sees upside to 6% (per Pak Purbaya) and 5.5– 6.0% in 1Q26.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.

BRIDS Market Pulse : Chart of the week – Retailers Sector P/E Band

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) Solid FY27F Pipeline and AMMN Ramp-Up...

Sambar, Rebonjaro, and Sakakemang lift FY27F production outlook from 170 to 178 mboepd (+4.6% y-y). We also raise our estimate on AMMN contribution...

BRI Danareksa Research

Medco Energi International (MEDC.IJ) 1H26 Preview: Solid Volume...

Medco Energi International (MEDC IJ)1H26 Preview: Solid Volume, Firm Oil Prices & AMMN Contribution to Drive Earnings Rebound.

BRI Danareksa Research

Medco Energi International (MEDC.IJ) FY26F Earnings Rebound on Higher Volumes

Medco Energi International (MEDC)FY26F Earnings Rebound on Higher Volumes, AMMN and Oil TailwindsFY25 headline was weak, but core operations stayed...

BRI Danareksa Research

Medco Energi International (MEDC.IJ) Higher Corridor Ownership and AMMN Normalization...

We expect the Corridor PSC ownership increase to drive FY26F production uplift, contributing ~30% of estimated total production vol.

BRI Danareksa Research

BRIDS Market Pulse : Chart of the week – Retailers Sector P/E Band

While JCI’s last week performance was in-line with EM, the gains were mainly led by the rebound in conglo group stocks (DSSA +10.5%, BRMS +14.3%,...

BRI Danareksa Research

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