External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We have revised down our earnings estimates for Mari Energies (MARI) by 31-42% during FY25-27 due to a downward revision in oil prices and a decline in production estimates.</li><li>Despite the decline in earnings, we upgrade our stance on MARI from Sell to HOLD as the stock has underperformed by 40% by losing 28% of its share price since Dec 16, 2024.</li><li>Key risks to earnings include prolonged disruption in production, further reduction in global oil prices, and delay in production from new fields.</li></ul>

We have revised down our earnings estimates for Mari Energies (MARI) by 31-42% during FY25-27 due to a downward revision in oil prices and a decline in production estimates.Despite the decline in earnings, we upgrade our stance on MARI from Sell to HOLD as the stock has underperformed by 40% by losing 28% of its share price since Dec 16, 2024.Key risks to earnings include prolonged disruption in production, further reduction in global oil prices, and delay in production from new fields.

マリ・エナジーズ（MARI）：28%の価格修正を受けて「ホールド」に格上げ

Mari Petroleum

マリ・エナジーズ（MARI）：28%の価格修正を受けて「ホールド」に格上げ