Daily Brief Indonesia: Asia High Yield Bond Index, Criterium Energy, Reliance Sekuritas Indonesia and more

• What has changed since our July ABM is that the ceasefire we carefully described did not hold, and oil has round-tripped roughly halfway back toward war-peak levels.
• Fixed rate bonds that rely on discretionary spending should underperform floating rate bonds while the beneficiaries of the trade have shifted from energy exposure toward carry and short-duration positioning.
• We remain positive on Asian credit fundamentals and, for those who must invest in fixed rate bonds, we list 9 bonds which we like at the time of this report

• 2Q26 production of 627 bbl/d and the end‑June cash position were previously disclosed.
• Criterium has executed a definitive Gas Sales Agreement with PGN (PT Perusahaan Gas Negara), securing gas sales through 2040.
• The contract includes a take‑or‑pay commitment and a sales price at the upper end of the US$6.5–7.6/mcf range.

• PT Reliance Sekuritas Indonesia Tbk (RELI IJ) operates as an established integrated securities brokerage, fixed income dealer, and underwriter in Indonesia, benefiting from ecosystem synergies under parent PT Reliance Capital Management.
• Financial performance displays pronounced volatility, characterized by a 3-year Net Income CAGR of -14.16%, erratic quarterly net profits, and negative operating cash flows of -Rp23.9bn in FY2025 and 1H2026.
• Trading at an EV/EBITDA of 41.1x and a trailing P/E of 99.6x, RELI trades at an elevated valuation premium relative to regional micro-cap peers, reflecting high uncertainty and low dividend yields (Smartscore 1/5).

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