External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<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><p><em>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.</em></p>

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.

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Debt Capital Markets

Asia High Yield Bond Index / Debt Capital Markets

<ul>
<li>Inflation will remain sticky but we expect the recession headline to keep a lid on consumer spending which should also limit the possibility of a future rate hike.</li>
<li>We believe fixed rate bonds should be the instrument of choice toward the end of this year. </li>
<li>Rising default and a lack of growth in developed markets should also bode well for Asian US Dollar (USD) bonds.</li>
</ul>


Inflation will remain sticky but we expect the recession headline to keep a lid on consumer spending which should also limit the possibility of a future rate hike.
We believe fixed rate bonds should be the instrument of choice toward the end of this year. 
Rising default and a lack of growth in developed markets should also bode well for Asian US Dollar (USD) bonds.


Asian Bond Monitor: Asian Bonds for the Upcoming Recession

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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

<ul>
<li>US treasury yields were up 1-2 bps across the curve, on the back of a stronger than expected JOLTS report.</li>
<li>The yield on the 2Y UST rose 2 bps to 3.95%, while that on the 10Y UST was up 1 bp at 4.46%.</li>
<li>Equities advanced, supported by the strong jobs report despite continued uncertainty on trade.</li>
</ul>


US treasury yields were up 1-2 bps across the curve, on the back of a stronger than expected JOLTS report.
The yield on the 2Y UST rose 2 bps to 3.95%, while that on the 10Y UST was up 1 bp at 4.46%.
Equities advanced, supported by the strong jobs report despite continued uncertainty on trade.


iShares 3-7 Year Treasury Bond / Debt Capital Markets

<ul>
<li>We believe Moody’s simply took the opportunity on the Tariff news to move USA’s rating to be in-line with those of the other two agencies.</li>
<li>Though rising rates are not friendly to fixed rate bonds, we believe Asian high-yield bonds remain a good place to park capital in the near term</li>
<li>We prefer short duration under 5 years to keep duration low in preparation for an upward pressure on rates in the near term.</li>
</ul>


We believe Moody’s simply took the opportunity on the Tariff news to move USA’s rating to be in-line with those of the other two agencies.
Though rising rates are not friendly to fixed rate bonds, we believe Asian high-yield bonds remain a good place to park capital in the near term
We prefer short duration under 5 years to keep duration low in preparation for an upward pressure on rates in the near term.


Bond Market Monitor: TRUMPoline Projectile

Leonard Law, CFA

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Medco Energi</li>
<li>The US has unveiled a trade agreement with the UK. The US will maintain a 10% blanket tariff on UK imports, while UK duties on US goods will be reduced to 1.8% from 5.1%. It is unclear how the figures are tabulated.</li>
<li>In addition, tariffs on UK autos will be adjusted such that a 10% tariff will apply to the first 100 k vehicle imports, with any additional vehicles facing a 25% rate.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Medco Energi
The US has unveiled a trade agreement with the UK. The US will maintain a 10% blanket tariff on UK imports, while UK duties on US goods will be reduced to 1.8% from 5.1%. It is unclear how the figures are tabulated.
In addition, tariffs on UK autos will be adjusted such that a 10% tariff will apply to the first 100 k vehicle imports, with any additional vehicles facing a 25% rate.


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 & 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

Asian Bond Monitor: Asian Bonds for the Upcoming Recession

Inflation remains high but recession fears will limit consumer spending and future rate hikes. Fixed rate bonds and Asian USD bonds are...

Bondcritic

Lucror Analytics - Morning Views Asia

US treasury yields were up 1-2 bps across the curve, on the back of a stronger than expected JOLTS report. The yield on the 2Y UST rose 2 bps to...

Lucror Analytics

Bond Market Monitor: TRUMPoline Projectile

Moody's adjusts USA's rating in line with other agencies, Asian high-yield bonds seen as a good investment despite rising rates, short duration...

Bondcritic

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Medco Energi

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Asian Bond Monitor: Asian Bonds for the Upcoming Recession

​Inflation remains high but recession fears will limit consumer spending and future rate hikes. Fixed rate bonds and Asian USD bonds are...

Bondcritic

Lucror Analytics - Morning Views Asia

US treasury yields were up 1-2 bps across the curve, on the back of a stronger than expected JOLTS report. The yield on the 2Y UST rose 2 bps to...

Lucror Analytics

Bond Market Monitor: TRUMPoline Projectile

​Moody's adjusts USA's rating in line with other agencies, Asian high-yield bonds seen as a good investment despite rising rates, short duration...

Bondcritic

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Medco Energi

Lucror Analytics

Inflation remains high but recession fears will limit consumer spending and future rate hikes. Fixed rate bonds and Asian USD bonds are...

Moody's adjusts USA's rating in line with other agencies, Asian high-yield bonds seen as a good investment despite rising rates, short duration...