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>1Q25 net profit dropped by -81% qoq/ -76% yoy to US$18mn due to AMMN’s -US$29mn loss and seasonally weaker gas sales (-4.2% qoq).</li><li>Based on mgmt’s FY25 guidance, we see weaker earnings from lower O&amp;G output of 145-150 mboepd (vs. 152 mboepd in FY24).</li><li>We downgraded our rating to Hold with a lower SOTP-based TP of Rp1,320, mainly caused by lower AMMN earnings.</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.

1Q25 net profit dropped by -81% qoq/ -76% yoy to US$18mn due to AMMN’s -US$29mn loss and seasonally weaker gas sales (-4.2% qoq).Based on mgmt’s FY25 guidance, we see weaker earnings from lower O&amp;G output of 145-150 mboepd (vs. 152 mboepd in FY24).We downgraded our rating to Hold with a lower SOTP-based TP of Rp1,320, mainly caused by lower AMMN earnings.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) - A Weaker FY25 on Lower O&G Output...

<ul><li>With the completion IPO of AMMN, we see this reveals the value that hidden in MEDC.</li><li>AMMN currently trades at IDR130 tn mkt cap and MEDC owned 21% which translates to IDR27 tn which was higher compared to MEDC current mkt cap.</li><li>We also believes that MEDC oil &amp; gas production will remain solid in 2023 with the support of Corridor block. Maintain Buy with higher TP of IDR1,300/sh.</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.

With the completion IPO of AMMN, we see this reveals the value that hidden in MEDC.AMMN currently trades at IDR130 tn mkt cap and MEDC owned 21% which translates to IDR27 tn which was higher compared to MEDC current mkt cap.We also believes that MEDC oil &amp; gas production will remain solid in 2023 with the support of Corridor block. Maintain Buy with higher TP of IDR1,300/sh.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 Internasional (MEDC IJ) - It’s a bargain!

Thematic (Sector/Industry)

<ul><li>Growth momentum improving. Accelerating disbursement and BI’s policy easing expected to strengthen growth toward year-end.</li><li>Beyond yield gaps. Foreign inflows often rise despite narrower BI–Fed spreads, showing growth differential drives sustained capital inflows.</li><li>Long-term foreign investment depends on Indonesia maintaining solid, broad-based, and stable economic growth momentum.</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.

Growth momentum improving. Accelerating disbursement and BI’s policy easing expected to strengthen growth toward year-end.Beyond yield gaps. Foreign inflows often rise despite narrower BI–Fed spreads, showing growth differential drives sustained capital inflows.Long-term foreign investment depends on Indonesia maintaining solid, broad-based, and stable economic growth momentum.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.

Macro Strategy: Growth Over Differentials

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Balancing Structural Decline with Investment Ambitions in EnergyKey Takeaways:-  Indonesia’s oil and gas lifting target for FY25E has been revised down to 605k bpd/6,030 mmscfd due to the dominance of aging wells, high investment costs, and limited infrastructure</li><li>The government is accelerating production through 15 new projects and several long-term developments such as Masela block in FY30F and IDD project in FY27F</li><li>-  Global oil demand is expected to grow moderately due to efficiency improvements and the energy transition, especially in China</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.

Balancing Structural Decline with Investment Ambitions in EnergyKey Takeaways:-  Indonesia’s oil and gas lifting target for FY25E has been revised down to 605k bpd/6,030 mmscfd due to the dominance of aging wells, high investment costs, and limited infrastructureThe government is accelerating production through 15 new projects and several long-term developments such as Masela block in FY30F and IDD project in FY27F-  Global oil demand is expected to grow moderately due to efficiency improvements and the energy transition, especially in ChinaContent 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.

<ul><li>The MEMR mentioned a potential suspension of natural gas exports to prioritize domestic use amidst rising demand.</li><li>Though backed by Presidential Regulation no.22/2017, we believe companies under our coverage are hardly affected.</li><li>We maintain our Neutral stance, favoring WINS&gt;MEDC as we see WINS could benefit from elevated charter rates and higher utilization.</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.

The MEMR mentioned a potential suspension of natural gas exports to prioritize domestic use amidst rising demand.Though backed by Presidential Regulation no.22/2017, we believe companies under our coverage are hardly affected.We maintain our Neutral stance, favoring WINS&gt;MEDC as we see WINS could benefit from elevated charter rates and higher utilization.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.

Oil and Gas: Possible gas export ban is unlikely to materialize (NEUTRAL)

Indonesia

PT Medco Energi Internasional Tbk is an integrated energy company. The Company explores for and produces oil and gas both in Indonesia and internationally, operates gas-fired power plants in Panaran I, Batam Island, and develops renewable fuels such as Bio-fuel.

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Medco Energi (MEDC IJ)

Medco Energi International (MEDC.IJ) - A Weaker FY25 on Lower O&G Output...

1Q25 net profit dropped by -81% qoq/ -76% yoy to US$18mn due to AMMN’s -US$29mn loss and seasonally weaker gas sales (-4.2% qoq).

BRI Danareksa Research

Medco Energi Internasional (MEDC IJ) - It’s a bargain!

AMMN currently trades at IDR130 tn mkt cap and MEDC owned 21% which translates to IDR27 tn which was higher compared to MEDC current mkt cap.

BRI Danareksa Research

Macro Strategy: Growth Over Differentials

Indonesia’s economy maintained solid momentum in 3Q25, recording 5.04% y-y (1.43% q-q) growth, although slightly easing from 2Q25’s 5.12%.

BRI Danareksa Research

Oil & Gas Sectoral Update July 10, 2025

The government is accelerating production through 15 new projects and several long-term developments such as Masela block in FY30F and IDD project...

MNC Sekuritas

Oil and Gas: Possible gas export ban is unlikely to materialize (NEUTRAL)

We maintain our Neutral stance, favoring WINS>MEDC as we see WINS could benefit from elevated charter rates and higher utilization.

BRI Danareksa Research

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