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.

Thematic (Sector/Industry)

<ul><li>IEA expects FY25 supply to grow by 1.9mbpd while expecting demand to grow by 1.1mbpd; both are stronger compared to FY24. </li><li>We estimate FY25-26F pricesto hover at US$75 and US$72 per barrel on weaker consumption outlook and an excess supply of 900kbpd.</li><li>We downgraded our sector rating to Neutral, and prefer WINS&gt; MEDC as it should benefit from robust charter rates and discounted valuation.</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.

IEA expects FY25 supply to grow by 1.9mbpd while expecting demand to grow by 1.1mbpd; both are stronger compared to FY24. We estimate FY25-26F pricesto hover at US$75 and US$72 per barrel on weaker consumption outlook and an excess supply of 900kbpd.We downgraded our sector rating to Neutral, and prefer WINS&gt; MEDC as it should benefit from robust charter rates and discounted valuation.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: FY25 Outlook: Excess Supply Weighs Down Price Outlook (NEUTRAL)

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>Surviving Amid Geopolitical Tensions and Declining DemandKey Takeaways:-  China has made significant investments in clean energy, accounting for nearly half of global energy investments marks china as a global leader</li><li>However, its energy transitions policies have reduced global crude oil demand</li><li>Meanwhile, Indonesia is advancing its energy goals with the government approving the POD for Geng North, with targets oil production of 605,000 bpd by FY25F</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.

Surviving Amid Geopolitical Tensions and Declining DemandKey Takeaways:-  China has made significant investments in clean energy, accounting for nearly half of global energy investments marks china as a global leaderHowever, its energy transitions policies have reduced global crude oil demandMeanwhile, Indonesia is advancing its energy goals with the government approving the POD for Geng North, with targets oil production of 605,000 bpd by FY25FContent 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 & Gas Sectoral Update December 05, 2024

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

<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

<ul><li>The global crude oil prices showed a hike in Apr-2024 with average Brent spot price stood at USD89.0/BBL and WTI at USD84.4/BBL, respectively increasing from USD84.7/BBL and USD80.4/BBL.</li><li>This climb was mainly driven by the easing global oil inventories following OPEC’s decision to implement voluntary production cuts until 1H24, resulting in an average of 0.3mbpd global oil stocks reduction.</li><li>Concurrently, the heating geopolitical friction in Middle East amid Iran and Israel, also contributed to the global oil prices. </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 global crude oil prices showed a hike in Apr-2024 with average Brent spot price stood at USD89.0/BBL and WTI at USD84.4/BBL, respectively increasing from USD84.7/BBL and USD80.4/BBL.This climb was mainly driven by the easing global oil inventories following OPEC’s decision to implement voluntary production cuts until 1H24, resulting in an average of 0.3mbpd global oil stocks reduction.Concurrently, the heating geopolitical friction in Middle East amid Iran and Israel, also contributed to the global oil prices. 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: Fragile Recovery: Not Out of the Red Yet

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)

Oil and Gas: FY25 Outlook: Excess Supply Weighs Down Price Outlook (NEUTRAL)

We downgraded our sector rating to Neutral, and prefer WINS> MEDC as it should benefit from robust charter rates and discounted valuation.

BRI Danareksa Research

Oil & Gas Sectoral Update December 05, 2024

China has made significant investments in clean energy, accounting for nearly half of global energy investments marks china as a global leader

MNC Sekuritas

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

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

Oil and Gas: Fragile Recovery: Not Out of the Red Yet

The global crude oil prices showed a hike in Apr-2024 with average Brent spot price stood at USD89.0/BBL and WTI at USD84.4/BBL, respectively...

MNC Sekuritas

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