External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>GAS will invest a total capital expenditure of US$1.2bn in gas pipelines.</li><li>Incremental gas supply from the project is expected to reach approximately 5.7 bcm/a from 2026, offsetting the effects of the 7% per annum depreciation of gas field exploitation.</li><li>In all, we expect that the revenue of GAS to remain strong in the long term.</li></ul><div class="content-highlight">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.</div>

GAS will invest a total capital expenditure of US$1.2bn in gas pipelines.Incremental gas supply from the project is expected to reach approximately 5.7 bcm/a from 2026, offsetting the effects of the 7% per annum depreciation of gas field exploitation.In all, we expect that the revenue of GAS to remain strong in the long term.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.

PetroVietnam Gas JSC - Initiation - Petroleum Law Amendments Strengthen Outlook

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Pertamina Geothermal Energy / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal Energy (PGEO IJ)</a> priced its IPO at IDR875 per share to raise gross proceeds of IDR9.1 trillion (US$600 million). The shares will start trading tomorrow.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/pertamina-geothermal-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:95013" rel="noopener">Pertamina Geothermal IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/pertamina-geothermal-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:95096" rel="noopener">Pertamina Geothermal IPO: Valuation Insights</a>. </li>
<li>Peers have modestly re-rated and the IPO price continues to imply a discount to the median peer CY2023 EV/EBITDA multiple. Therefore, the IPO price remains attractive.</li>
</ul>



Pertamina Geothermal Energy (PGEO IJ) priced its IPO at IDR875 per share to raise gross proceeds of IDR9.1 trillion (US$600 million). The shares will start trading tomorrow.
We previously discussed the IPO in Pertamina Geothermal IPO: The Investment Case and Pertamina Geothermal IPO: Valuation Insights. 
Peers have modestly re-rated and the IPO price continues to imply a discount to the median peer CY2023 EV/EBITDA multiple. Therefore, the IPO price remains attractive.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal (0125738D IJ)</a>/PGE, a subsidiary of <a href="https://www.smartkarma.com/entities/pt-pertamina-persero" target="_blank" data-smartkarma-citation="entities:35862:1" rel="noopener">PT Pertamina (Persero) (PERT IJ)</a>, is seeking to raise up to US$600 million at a narrowed price range of IDR875-880 per share.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/pertamina-geothermal-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:95013" rel="noopener">Pertamina Geothermal IPO: The Investment Case</a>. </li>
<li>PGE is attractively valued at the IPO price range. We would participate. Books will be closed on 10 February and the shares will start trading on 24 February.</li>
</ul>



Pertamina Geothermal (0125738D IJ)/PGE, a subsidiary of PT Pertamina (Persero) (PERT IJ), is seeking to raise up to US$600 million at a narrowed price range of IDR875-880 per share.
We previously discussed the IPO in Pertamina Geothermal IPO: The Investment Case. 
PGE is attractively valued at the IPO price range. We would participate. Books will be closed on 10 February and the shares will start trading on 24 February.


Pertamina Geothermal IPO: Valuation Insights

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Singapore Telecommunications / Equity Bottom-Up

<ul>
<li>This insight covers 68 ASEAN utilities, each boasting a market cap greater than US$500mn. </li>
<li>Countries covered include Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.</li>
<li>
<a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> remains highly elevated, and is a short against <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a>, and perhaps with some <a href="https://www.smartkarma.com/entities/singapore-telecommunications" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singtel (ST SP)</a>.</li>
</ul>


This insight covers 68 ASEAN utilities, each boasting a market cap greater than US$500mn. 
Countries covered include Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.

Intouch Holdings (INTUCH TB) remains highly elevated, and is a short against Advanced Info Service (ADVANC TB), and perhaps with some Singtel (ST SP).


Viet Capital Securities Joint Stock Company

Luan Nguyen

With OPEC production cut, oil and gas stocks will benefit as oil prices recover. This is our second post on oil &amp; gas companies in Vietnam. To satisfy huge demand growth, GAS will push to develop Nam Con Son 2’s phase 2 project (7 billion m3/year) and Block B (7 billion m3/year) to put new gas stream into operation in 2020 and 2021, respectively. In 2021, PV GAS’ gas production capacity will double from 11 billion m3/year to 25 billion m3/year. Currently, gas from Nam Con Son phase 1 project is being connected from the Thien Ung &amp; Dai Hung field to Cuu Long pipeline, and then will be taken to the mainland. Upon completion, the Nam Con Son’s phase 2 pipeline will allow gas from the Thien Ung &amp; Dai Hung field to be taken directly to the mainland, as well as gas transmission from the White Lion field.

With OPEC production cut, oil and gas stocks will benefit as oil prices recover. This is our second post on oil &amp; gas companies in Vietnam. To satisfy huge demand growth, GAS will push to develop Nam Con Son 2’s phase 2 project (7 billion m3/year) and Block B (7 billion m3/year) to put new gas stream into operation in 2020 and 2021, respectively. In 2021, PV GAS’ gas production capacity will double from 11 billion m3/year to 25 billion m3/year. Currently, gas from Nam Con Son phase 1 project is being connected from the Thien Ung &amp; Dai Hung field to Cuu Long pipeline, and then will be taken to the mainland. Upon completion, the Nam Con Son’s phase 2 pipeline will allow gas from the Thien Ung &amp; Dai Hung field to be taken directly to the mainland, as well as gas transmission from the White Lion field.

PV GAS, Vietnam's Number One Gas Company, Will Benefit from OPEC Production Cut

Vietnam

Petrovietnam Gas Joint Stock Corporation (PV GAS) is a leading Vietnamese company engaged in the collection, transportation, processing, storage, distribution, import, and trading of gas and gas-related products. Its offerings include liquefied petroleum gas (LPG), dry gas, condensate, compressed natural gas (CNG), and liquefied natural gas (LNG), along with gas cylinders and steel pipes. The company was founded in 1990 and is headquartered in Ho Chi Minh City, Vietnam.

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Petrovietnam Gas (GAS VN)

PetroVietnam Gas JSC - Initiation - Petroleum Law Amendments Strengthen Outlook

Incremental gas supply from the project is expected to reach approximately 5.7 bcm/a from 2026, offsetting the effects of the 7% per annum...

Mirae Asset Securities

Pertamina Geothermal IPO: Trading Debut

Peers have modestly re-rated and the IPO price continues to imply a discount to the median peer CY2023 EV/EBITDA multiple. Therefore, the IPO price...

Arun George

Pertamina Geothermal IPO: Valuation Insights

The price range has been narrowed from IDR820-945 to IDR875-880 per share. PGE is attractively valued at the IPO price range. We would participate.

Arun George

ASEAN Utilities: From Tap To Socket

I'd be shorting Intouch Holdings' shares here, and going long Advanced Info Service Public, along with some Singapore Telecom.

David Blennerhassett

PV GAS, Vietnam's Number One Gas Company, Will Benefit from OPEC Production Cut

With OPEC production cut, oil and gas stocks will benefit as oil prices recover. This is our second post on oil & gas companies in Vietnam. To...

Luan Nguyen

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