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>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.

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.

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

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.

<ul><li>The MEMR mentioned a potential suspension of natural gas exports to prioritize domestic use amidst rising demand.</li><li>Though backed by Presidential Regulation no.22/2017, we believe companies under our coverage are hardly affected.</li><li>We maintain our Neutral stance, favoring WINS&gt;MEDC as we see WINS could benefit from elevated charter rates and higher utilization.</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 MEMR mentioned a potential suspension of natural gas exports to prioritize domestic use amidst rising demand.Though backed by Presidential Regulation no.22/2017, we believe companies under our coverage are hardly affected.We maintain our Neutral stance, favoring WINS&gt;MEDC as we see WINS could benefit from elevated charter rates and higher utilization.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: Possible gas export ban is unlikely to materialize (NEUTRAL)

<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)

<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

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a>, <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia (BBRI IJ)</a>, <a href="https://www.smartkarma.com/entities/sariguna-primatirta-tbk-pt" target="_blank" data-smartkarma-citation="entities:33584:1" rel="noopener">Sariguna Primatirta Tbk PT (CLEO IJ)</a>, and <a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a>
</li>
<li>There were also insights on <a href="https://www.smartkarma.com/entities/aspirasi-hidup-indonesia-tbk" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Aspirasi Hidup Indonesia (ACES IJ)</a>, <a href="https://www.smartkarma.com/entities/delta-electronics-thailand-pcl-98806732-8ac4-42b2-a565-ba32673d1e5a" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thailand (DELTA TB)</a>, the upcoming index rebalancing in Thailand, and top picks in the Philippines from <a href="https://www.smartkarma.com/profiles/sameer-taneja-a0539e0c-84dd-4e66-9c40-6e598edfb4c5" target="_blank" data-smartkarma-citation="accounts:352" rel="noopener">Sameer Taneja</a>. </li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.</li>
</ul>


The past week saw insights on Bank Central Asia (BBCA IJ), Bank Rakyat Indonesia (BBRI IJ), Sariguna Primatirta Tbk PT (CLEO IJ), and Siloam International Hospitals (SILO IJ)

There were also insights on Aspirasi Hidup Indonesia (ACES IJ), Delta Electronics Thailand (DELTA TB), the upcoming index rebalancing in Thailand, and top picks in the Philippines from Sameer Taneja. 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - BCA's Slower Expectations, BRI's Ultra Attractive, and ACES

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 & 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

Oil and Gas: Possible gas export ban is unlikely to materialize (NEUTRAL)

We maintain our Neutral stance, favoring WINS>MEDC as we see WINS could benefit from elevated charter rates and higher utilization.

BRI Danareksa Research

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

The Week That Was in ASEAN@Smartkarma - BCA's Slower Expectations, BRI's Ultra Attractive, and ACES

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity...

Angus Mackintosh

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