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-36725'>Pertamina Geothermal Energy PT</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.Pertamina Geothermal Energy PTVedanta Resources

Morning Views Asia: Pertamina Geothermal Energy PT, Vedanta Resources

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-36725'>Pertamina Geothermal Energy PT</a></li><li><a href='#lucror-entity-13363'>Sunny Optical Technology Group</a></li><li><a href='#lucror-entity-9423'>West China Cement</a></li><li><a href='#lucror-entity-18097'>Yuexiu Property </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.Pertamina Geothermal Energy PTSunny Optical Technology GroupWest China CementYuexiu Property 

Morning Views Asia: Pertamina Geothermal Energy PT, Sunny Optical Technology Group, West China Cement

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

Pertamina Geothermal Energy PT / Equity Bottom-Up

<ul><li>PGEO has already secured additional PPA for a total of 285 MW of expansion capacity.</li><li>We slightly lowered our FY24F earnings by -4.3% to account for the impact of maintenance, but expect strong growth of 17.8% in FY25F.</li><li>We maintain our Buy rating and raise our TP to Rp1,470 as we account additional capacity from the newly-secured PPA projects.</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.

PGEO has already secured additional PPA for a total of 285 MW of expansion capacity.We slightly lowered our FY24F earnings by -4.3% to account for the impact of maintenance, but expect strong growth of 17.8% in FY25F.We maintain our Buy rating and raise our TP to Rp1,470 as we account additional capacity from the newly-secured PPA projects.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.

Pertamina Geothermal Energy (PGEO IJ) - Expect Strong Growth in 2025F Onwards

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-36725'>Pertamina Geothermal Energy PT</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.Pertamina Geothermal Energy PT

Morning Views Asia: Pertamina Geothermal Energy PT

<ul><li>PT Pertamina Geothermal Energy Tbk(PGEO IJ)Still SolidPGEO posted solid results in 1H23 with earnings up by 30.1% yoy to USD92.7 mn on the back of improving revenues during this period</li><li>The earnings number in 1H23 was relatively in-line with ours (55%) but above the consensus (62%)</li><li>We raise our TP to IDR1,090 (previously IDR1,050) as we adjust our earnings forecasts upwards</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.

PT Pertamina Geothermal Energy Tbk(PGEO IJ)Still SolidPGEO posted solid results in 1H23 with earnings up by 30.1% yoy to USD92.7 mn on the back of improving revenues during this periodThe earnings number in 1H23 was relatively in-line with ours (55%) but above the consensus (62%)We raise our TP to IDR1,090 (previously IDR1,050) as we adjust our earnings forecasts upwardsContent 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.

PT Pertamina Geothermal Energy TBK (PGEO IJ) - Still Solid

Indonesia

PT Pertamina Geothermal Energy is a green energy company. The Company offers geothermal generation services. Pertamina Geothermal Energy serves clients in Indonesia.

Pertamina Geothermal Energy PT (PGEO IJ)

Morning Views Asia: Pertamina Geothermal Energy PT, Vedanta Resources

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

Lucror Analytics

Morning Views Asia: Pertamina Geothermal Energy PT, Sunny Optical Technology Group, West China Cement

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

Lucror Analytics

Pertamina Geothermal Energy (PGEO IJ) - Expect Strong Growth in 2025F Onwards

We maintain our Buy rating and raise our TP to Rp1,470 as we account additional capacity from the newly-secured PPA projects.

BRI Danareksa Research

Morning Views Asia: Pertamina Geothermal Energy PT

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

Lucror Analytics

PT Pertamina Geothermal Energy TBK (PGEO IJ) - Still Solid

PT Pertamina Geothermal Energy Tbk(PGEO IJ)Still SolidPGEO posted solid results in 1H23 with earnings up by 30.1% yoy to USD92.7 mn on the back of...

BRI Danareksa Research