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

<ul><li>With the completion IPO of AMMN, we see this reveals the value that hidden in MEDC.</li><li>AMMN currently trades at IDR130 tn mkt cap and MEDC owned 21% which translates to IDR27 tn which was higher compared to MEDC current mkt cap.</li><li>We also believes that MEDC oil &amp; gas production will remain solid in 2023 with the support of Corridor block. Maintain Buy with higher TP of IDR1,300/sh.</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.

With the completion IPO of AMMN, we see this reveals the value that hidden in MEDC.AMMN currently trades at IDR130 tn mkt cap and MEDC owned 21% which translates to IDR27 tn which was higher compared to MEDC current mkt cap.We also believes that MEDC oil &amp; gas production will remain solid in 2023 with the support of Corridor block. Maintain Buy with higher TP of IDR1,300/sh.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.

Medco Energi Internasional (MEDC IJ) - It’s a bargain!

<ul><li>We reiterate our Buy rating on MEDC with a TP of IDR1,900 as we see upside in earnings and reserve in 2024F onwards from the potentially accretive prospective Middle East asset acquisition and the potential release of Tanzania 2P Reserves.</li><li>Expect the potential Middle East acquisition to be completed at end of 2023. Medco entered into an agreement to acquire a 20% non-operating stake in a Middle East O&amp;G asset in Aug23, with management expecting the deal to be closed by end of FY23.</li><li>According to Fitch report, the potential new block may add production rate of 13 mboped and 2P reserves of 56 mmboe (net MEDC’s ownership). </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 reiterate our Buy rating on MEDC with a TP of IDR1,900 as we see upside in earnings and reserve in 2024F onwards from the potentially accretive prospective Middle East asset acquisition and the potential release of Tanzania 2P Reserves.Expect the potential Middle East acquisition to be completed at end of 2023. Medco entered into an agreement to acquire a 20% non-operating stake in a Middle East O&amp;G asset in Aug23, with management expecting the deal to be closed by end of FY23.According to Fitch report, the potential new block may add production rate of 13 mboped and 2P reserves of 56 mmboe (net MEDC’s ownership). 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.

Medco Energi International (MEDC IJ) - A Potentially More Compelling Growth Story in FY24

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.

Thematic (Sector/Industry)

<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

PT Medco Energi Internasional Tbk is an integrated energy company. The Company explores for and produces oil and gas both in Indonesia and internationally, operates gas-fired power plants in Panaran I, Batam Island, and develops renewable fuels such as Bio-fuel.

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Medco Energi (MEDC IJ)

Medco Energi Internasional (MEDC IJ) - It’s a bargain!

AMMN currently trades at IDR130 tn mkt cap and MEDC owned 21% which translates to IDR27 tn which was higher compared to MEDC current mkt cap.

BRI Danareksa Research

Medco Energi International (MEDC IJ) - A Potentially More Compelling Growth Story in FY24

We reiterate our Buy rating on MEDC with a TP of IDR1,900 as we see upside in earnings and reserve in 2024F onwards from the potentially accretive...

BRI Danareksa Research

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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