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

<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

<ul><li>Looking into potential late-cycle plays in commodity sectorsAs metal prices are likely entering a ‘late-cycle’ phase, we see copper’s outlook as particularly attractive as it is backed by falling inventory.</li><li>While Brent’s price surge is backed by a firmer demand outlook, thermal coal S-D seasonality suggests investors should only add in 2Q24.</li><li>Amid light funds’ positioning, better clarity on metals’ production growth may improve sentiment</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.

Looking into potential late-cycle plays in commodity sectorsAs metal prices are likely entering a ‘late-cycle’ phase, we see copper’s outlook as particularly attractive as it is backed by falling inventory.While Brent’s price surge is backed by a firmer demand outlook, thermal coal S-D seasonality suggests investors should only add in 2Q24.Amid light funds’ positioning, better clarity on metals’ production growth may improve sentimentContent 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.

Equity Strategy - Looking into potential late-cycle plays in commodity sectors

<ul><li>The possibility of petroleum supply disruptions and slower-than-expected replenishment of SPR inventory may act to sustain oil prices at high levels (above USD70/bbl), in our view.</li><li>Against such a backdrop, we continue to like MEDC (Buy, TP IDR1,900) as our top pick in the sector.</li><li>OPEC+ measures undermine the impact of soaring US oil production. </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 possibility of petroleum supply disruptions and slower-than-expected replenishment of SPR inventory may act to sustain oil prices at high levels (above USD70/bbl), in our view.Against such a backdrop, we continue to like MEDC (Buy, TP IDR1,900) as our top pick in the sector.OPEC+ measures undermine the impact of soaring US oil production. 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.

Indonesia

MedcoEnergi is an Indonesian multinational energy and natural resources company. It focuses on upstream oil and gas exploration and production, clean energy development, and copper and gold mining operations. The company was founded in 1980 and is headquartered in Jakarta, Indonesia.

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MedcoEnergi (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

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

Equity Strategy - Looking into potential late-cycle plays in commodity sectors

Looking into potential late-cycle plays in commodity sectorsAs metal prices are likely entering a ‘late-cycle’ phase. we see copper’s outlook as...

BRI Danareksa Research

Oil & Gas - Oil on Fire

The possibility of petroleum supply disruptions and slower-than-expected replenishment of SPR inventory may act to sustain oil prices at high...

BRI Danareksa Research

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