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

Wintermar Offshore Marine / Equity Bottom-Up

<ul><li>WINS recorded a US$2.8mn NP in 4Q24, -56% qoq. However, its FY24 NP still grew strongly to US$22.5mn, +237% yoy (90% of our FY24F est.).</li><li>We trimmed our FY25-26F revenue and earnings estimates by -4.1%/- 5.6% and -27.7%/-29.6%.</li><li>We maintain a Buy rating on WINS with a lowered TP of 480. Key risks include lower charter and utilization rates.</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.

WINS recorded a US$2.8mn NP in 4Q24, -56% qoq. However, its FY24 NP still grew strongly to US$22.5mn, +237% yoy (90% of our FY24F est.).We trimmed our FY25-26F revenue and earnings estimates by -4.1%/- 5.6% and -27.7%/-29.6%.We maintain a Buy rating on WINS with a lowered TP of 480. Key risks include lower charter and utilization rates.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.

Wintermar Offshore Marine (WINS.IJ) FY24 Earnings Missed; Downgrading Our FY25-26 Forecast

Thematic (Sector/Industry)

<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>We visited WINS’s recently acquired WM Mentawai PSV, which is currently running tests on vessel capability.</li><li>We expect stronger earnings for WINS in 2H24 and FY25 derived from higher charter rates and new vessels acquired. </li><li>We maintain a Buy rating on WINS with a TP of Rp760. Key risks include lower charter and utilization rate.</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.

We visited WINS’s recently acquired WM Mentawai PSV, which is currently running tests on vessel capability.We expect stronger earnings for WINS in 2H24 and FY25 derived from higher charter rates and new vessels acquired. We maintain a Buy rating on WINS with a TP of Rp760. Key risks include lower charter and utilization rate.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.

WINS IJ - Recently Acquired WM Mentawai PSV to Bolster Earnings Growth in 2H24 Onwards

<ul><li>We expect DCR to be supported by growing demand paired with supply tightness in the Gulf of Mexico, W. Africa, and S. America. </li><li>We forecast WINS to deliver 117%/90% core EPS growth in FY24-25E through higher utilization, daily rates, and higher vessel count.</li><li>We initiate with a Buy rating on WINS as it is attractively positioned in the cycle; our TP is Rp760 (blended of PB and PE)</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.

We expect DCR to be supported by growing demand paired with supply tightness in the Gulf of Mexico, W. Africa, and S. America. We forecast WINS to deliver 117%/90% core EPS growth in FY24-25E through higher utilization, daily rates, and higher vessel count.We initiate with a Buy rating on WINS as it is attractively positioned in the cycle; our TP is Rp760 (blended of PB and PE)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.

Wintermar Offshore Marine - Riding the Charter Rates Upcycle; Initiate with Buy

Indonesia

PT Wintermar Offshore Marine Tbk offers offshore support services, primarily for the oil and gas industry.  The Company owns and operates a fleet of vessels including AHTS and PSVs equipped with Dynamic Positioning System, and also manages and charters third party vessels. Over the past years, Wintermar has expanded out of Indonesia and now operates in 12 countries, supported by a strong and professional team and high quality vessels.

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Wintermar Offshore Marine (WINS IJ)