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

BRI Danareksa Research

External broker reports(aggregated public sources)

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Equity Bottom-Up

Pertamina Geothermal Energy PT / Equity Bottom-Up

<ul><li>PGEO has already secured additional PPA for a total of 285 MW of expansion capacity.</li><li>We slightly lowered our FY24F earnings by -4.3% to account for the impact of maintenance, but expect strong growth of 17.8% in FY25F.</li><li>We maintain our Buy rating and raise our TP to Rp1,470 as we account additional capacity from the newly-secured PPA projects.</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.

PGEO has already secured additional PPA for a total of 285 MW of expansion capacity.We slightly lowered our FY24F earnings by -4.3% to account for the impact of maintenance, but expect strong growth of 17.8% in FY25F.We maintain our Buy rating and raise our TP to Rp1,470 as we account additional capacity from the newly-secured PPA projects.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.

Pertamina Geothermal Energy (PGEO IJ) - Expect Strong Growth in 2025F Onwards

Thematic (Sector/Industry)

<ul><li>Indonesia's GDP in 2Q23 exceeded expectations with strong growth of 5.17% y-y, with Household Consumption ticking strongly upward by 5.23% mainly underpinned by a combination of the festive season, long holidays and the disbursement of religious holiday allowances (THR), which contributed to increased purchasing power.</li><li>We revise up our Q3 &amp; FY GDP growth forecasts.</li><li>The anticipated fiscal expansion and infusion of election funds are poised to bolster consumption within the broader economy.</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.

Indonesia's GDP in 2Q23 exceeded expectations with strong growth of 5.17% y-y, with Household Consumption ticking strongly upward by 5.23% mainly underpinned by a combination of the festive season, long holidays and the disbursement of religious holiday allowances (THR), which contributed to increased purchasing power.We revise up our Q3 &amp; FY GDP growth forecasts.The anticipated fiscal expansion and infusion of election funds are poised to bolster consumption within the broader economy.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.

<ul><li>PT Pertamina Geothermal Energy Tbk(PGEO IJ)Still SolidPGEO posted solid results in 1H23 with earnings up by 30.1% yoy to USD92.7 mn on the back of improving revenues during this period</li><li>The earnings number in 1H23 was relatively in-line with ours (55%) but above the consensus (62%)</li><li>We raise our TP to IDR1,090 (previously IDR1,050) as we adjust our earnings forecasts upwards</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.

PT Pertamina Geothermal Energy Tbk(PGEO IJ)Still SolidPGEO posted solid results in 1H23 with earnings up by 30.1% yoy to USD92.7 mn on the back of improving revenues during this periodThe earnings number in 1H23 was relatively in-line with ours (55%) but above the consensus (62%)We raise our TP to IDR1,090 (previously IDR1,050) as we adjust our earnings forecasts upwardsContent 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.

PT Pertamina Geothermal Energy TBK (PGEO IJ) - Still Solid

PT Pertamina Geothermal Energy TbBK (PGEO IJ) - Still Solid

<ul><li>PGEO is the largest geothermal company in Indonesia with a compelling growth story to increase its capacity to 1,272 MW in the next 5 years</li><li>Earnings are expected to improve due to higher ASP and higher capacity</li><li>Positively, the company is committed toward paying dividends to shareholders for up to 50% payout</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.

PGEO is the largest geothermal company in Indonesia with a compelling growth story to increase its capacity to 1,272 MW in the next 5 yearsEarnings are expected to improve due to higher ASP and higher capacityPositively, the company is committed toward paying dividends to shareholders for up to 50% payoutContent 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.

PT Pertamina Geothermal Energy Tbk (PGEO IJ) - Green Energy Champion

Indonesia

PT Pertamina Geothermal Energy is a green energy company. The Company offers geothermal generation services. Pertamina Geothermal Energy serves clients in Indonesia.

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Pertamina Geothermal Energy PT (PGEO IJ)

Pertamina Geothermal Energy (PGEO IJ) - Expect Strong Growth in 2025F Onwards

We maintain our Buy rating and raise our TP to Rp1,470 as we account additional capacity from the newly-secured PPA projects.

BRI Danareksa Research

Strategy - Sustaining Growth

The anticipated fiscal expansion and infusion of election funds are poised to bolster consumption within the broader economy.

BRI Danareksa Research

PT Pertamina Geothermal Energy TBK (PGEO IJ) - Still Solid

PT Pertamina Geothermal Energy Tbk(PGEO IJ)Still SolidPGEO posted solid results in 1H23 with earnings up by 30.1% yoy to USD92.7 mn on the back of...

BRI Danareksa Research

PT Pertamina Geothermal Energy TbBK (PGEO IJ) - Still Solid

PT Pertamina Geothermal Energy Tbk(PGEO IJ)Still SolidPGEO posted solid results in 1H23 with earnings up by 30.1% yoy to USD92.7 mn on the back of...

BRI Danareksa Research

PT Pertamina Geothermal Energy Tbk (PGEO IJ) - Green Energy Champion

PGEO is the largest geothermal company in Indonesia with a compelling growth story to increase its capacity to 1,272 MW in the next 5 years

BRI Danareksa Research

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