External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

Perusahaan Gas Negara Perser / Equity Bottom-Up

<ul><li>In 2Q24, PGAS booked a revenue of USD889.66 mn (-6.29% QoQ/+4.72% YoY) or accumulatively reached USD1.84 bn (+3.12% YoY) in 1H24.</li><li>This performance was relatively in line with our/consensus estimates with run rates of 49.15%/50.28%, respectively.</li><li>The QoQ softening was in line with the slowdowns of gas distribution volume to 841 BBTud (-1.98% QoQ/-9.76% YoY), flat QoQ/YoY gas transmission volume to 1,417 MMScfd, and lifting volume to 1.80 MMBOE (-14.29% QoQ/-10.00% YoY). </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.

In 2Q24, PGAS booked a revenue of USD889.66 mn (-6.29% QoQ/+4.72% YoY) or accumulatively reached USD1.84 bn (+3.12% YoY) in 1H24.This performance was relatively in line with our/consensus estimates with run rates of 49.15%/50.28%, respectively.The QoQ softening was in line with the slowdowns of gas distribution volume to 841 BBTud (-1.98% QoQ/-9.76% YoY), flat QoQ/YoY gas transmission volume to 1,417 MMScfd, and lifting volume to 1.80 MMBOE (-14.29% QoQ/-10.00% YoY). 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.

PGAS IJ - Solid Financial Performance Continues, While Gas Supply Remains The Crux

<ul><li>In 1Q24, PGAS recorded a distribution margin of USD2.46/MMBtu (+26.1% QoQ/+39.9% YoY) with gas distribution volume of 858BBTud (-7.0% QoQ/12.1% YoY).</li><li>Management targets USD1.6-1.8/MMBtu distribution spread (vs USD1.95/MMBtu in FY23A) with 954BBtud volume for this year (vs 923BBtud in FY23A).</li><li>▪PGAS posted a revenue of USD949.3million in 1Q24 or grew by +1.7% YoY but declined -0.7% QoQ.</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.

In 1Q24, PGAS recorded a distribution margin of USD2.46/MMBtu (+26.1% QoQ/+39.9% YoY) with gas distribution volume of 858BBTud (-7.0% QoQ/12.1% YoY).Management targets USD1.6-1.8/MMBtu distribution spread (vs USD1.95/MMBtu in FY23A) with 954BBtud volume for this year (vs 923BBtud in FY23A).▪PGAS posted a revenue of USD949.3million in 1Q24 or grew by +1.7% YoY but declined -0.7% QoQ.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 Perusahaan Gas Negara Tbk (PGAS IJ) - 1Q24 Outclassed Expectations

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

BRI Danareksa Research

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.

Macroeconomics

<ul><li>A combination of slight foreign funds outflow and local funds selling has driven a JCI correction of -0.8% wow.</li><li>Foreign funds flow returned to negative, albeit relatively lighter (at -US$169mn) compared to prior weeks.</li><li>The outflow was still dominated by the large-cap banks with coal stock AADI also among the top-5 stocks sold by foreign investors.</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.

A combination of slight foreign funds outflow and local funds selling has driven a JCI correction of -0.8% wow.Foreign funds flow returned to negative, albeit relatively lighter (at -US$169mn) compared to prior weeks.The outflow was still dominated by the large-cap banks with coal stock AADI also among the top-5 stocks sold by foreign investors.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.

BRIDS Market Pulse: Chart of the Week – China Coal Inventory at Port

Thematic (Sector/Industry)

<ul><li>Surviving Amid Geopolitical Tensions and Declining DemandKey Takeaways:-  China has made significant investments in clean energy, accounting for nearly half of global energy investments marks china as a global leader</li><li>However, its energy transitions policies have reduced global crude oil demand</li><li>Meanwhile, Indonesia is advancing its energy goals with the government approving the POD for Geng North, with targets oil production of 605,000 bpd by FY25F</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.

Surviving Amid Geopolitical Tensions and Declining DemandKey Takeaways:-  China has made significant investments in clean energy, accounting for nearly half of global energy investments marks china as a global leaderHowever, its energy transitions policies have reduced global crude oil demandMeanwhile, Indonesia is advancing its energy goals with the government approving the POD for Geng North, with targets oil production of 605,000 bpd by FY25FContent 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 & Gas Sectoral Update December 05, 2024

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a>, <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia (BBRI IJ)</a>, <a href="https://www.smartkarma.com/entities/sariguna-primatirta-tbk-pt" target="_blank" data-smartkarma-citation="entities:33584:1" rel="noopener">Sariguna Primatirta Tbk PT (CLEO IJ)</a>, and <a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a>
</li>
<li>There were also insights on <a href="https://www.smartkarma.com/entities/aspirasi-hidup-indonesia-tbk" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Aspirasi Hidup Indonesia (ACES IJ)</a>, <a href="https://www.smartkarma.com/entities/delta-electronics-thailand-pcl-98806732-8ac4-42b2-a565-ba32673d1e5a" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thailand (DELTA TB)</a>, the upcoming index rebalancing in Thailand, and top picks in the Philippines from <a href="https://www.smartkarma.com/profiles/sameer-taneja-a0539e0c-84dd-4e66-9c40-6e598edfb4c5" target="_blank" data-smartkarma-citation="accounts:352" rel="noopener">Sameer Taneja</a>. </li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.</li>
</ul>


The past week saw insights on Bank Central Asia (BBCA IJ), Bank Rakyat Indonesia (BBRI IJ), Sariguna Primatirta Tbk PT (CLEO IJ), and Siloam International Hospitals (SILO IJ)

There were also insights on Aspirasi Hidup Indonesia (ACES IJ), Delta Electronics Thailand (DELTA TB), the upcoming index rebalancing in Thailand, and top picks in the Philippines from Sameer Taneja. 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - BCA's Slower Expectations, BRI's Ultra Attractive, and ACES

Indonesia

PT Perusahaan Gas Negara Persero Tbk operates in the distribution and transmission of natural gas to industrial, commercial and household users.

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Perusahaan Gas Negara Perser (PGAS IJ)

PGAS IJ - Solid Financial Performance Continues, While Gas Supply Remains The Crux

In 2Q24, PGAS booked a revenue of USD889.66 mn (-6.29% QoQ/+4.72% YoY) or accumulatively reached USD1.84 bn (+3.12% YoY) in 1H24.

MNC Sekuritas

PT Perusahaan Gas Negara Tbk (PGAS IJ) - 1Q24 Outclassed Expectations

In 1Q24, PGAS recorded a distribution margin of USD2.46/MMBtu (+26.1% QoQ/+39.9% YoY) with gas distribution volume of 858BBTud (-7.0% QoQ/12.1% YoY).

MNC Sekuritas

BRIDS Market Pulse: Chart of the Week – China Coal Inventory at Port

The outflow was still dominated by the large-cap banks with coal stock AADI also among the top-5 stocks sold by foreign investors.

BRI Danareksa Research

Oil & Gas Sectoral Update December 05, 2024

China has made significant investments in clean energy, accounting for nearly half of global energy investments marks china as a global leader

MNC Sekuritas

The Week That Was in ASEAN@Smartkarma - BCA's Slower Expectations, BRI's Ultra Attractive, and ACES

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity...

Angus Mackintosh

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