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 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.

<ul><li>We believe PGAS shall maintain its gas distribution spread in the short-term, given ESDM and SKK MIGAS affirmation of no gas price increases for non-HGBT customers.</li><li>We also foresee no impairment on SAKA assets in FY23 and no additional major impairment on Gunvor contracts in 2H23. Maintain Buy rating with TP of IDR1,800/sh.</li><li>Expect gas distribution spread to be maintained; supply gap in FY23-FY24F remains a risk. </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 believe PGAS shall maintain its gas distribution spread in the short-term, given ESDM and SKK MIGAS affirmation of no gas price increases for non-HGBT customers.We also foresee no impairment on SAKA assets in FY23 and no additional major impairment on Gunvor contracts in 2H23. Maintain Buy rating with TP of IDR1,800/sh.Expect gas distribution spread to be maintained; supply gap in FY23-FY24F remains a risk. 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.

Perusahaan Gas Negara (PGAS IJ) - Attractively Valued Amid Subsiding Overhangs

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Five stocks remain, nine stocks added to our portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 255% versus MSCI ASEAN’s 30%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Five stocks remain, nine stocks added to our portfolio
Since its inception, the portfolio has generated a before-fee total return of 255% versus MSCI ASEAN’s 30%


<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

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-20844'>Medco Energi</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Medco Energi

Indonesia

PT Cikarang Listrindo Tbk is a power company that provides energy to industrial and residential customers in Indonesia. The Company's plants use gas turbines that run on gas or liquid fuel. Cikarang Listrindo is based in Jakarta, Indonesia.

PT Leyand International Tbk, through a subsidiary, operates electricity generating plants.  The plants are located in Medan, Palembang and Pontianak.

PT Terregra Asia Energy offers renewable energy services. The Company develops, builds, and operates renewable energy projects, as well as constructs a fleet of hydro generation power plants. Terregra Asia Energy serves customers worldwide.

Shenzhen Gas Corporation Ltd., supplies gas in Shenzhen. The Company business includes wholesale of gas, pipeline and the supply of bottled gas, investment and construction in the distribution network of gas transmission.

Korea Gas Corporation manufactures, wholesales, and distributes liquefied natural gas (LNG) and liquefied petroleum gas (LPG) throughout South Korea. The Company also constructs and operates LNG receiving terminals and supplying networks for domestic distribution.  Korea Gas invests in LNG suppliers in Oman and Qatar.

Gujarat State Petronet Limited owns and operates a natural gas transmission network in India.  The Company serves the State of Gujarat and most of its customers are natural gas end-users.

Chesapeake Utilities Corporation is a utility company that provides natural gas transmission and distribution, propane distribution, and information technology services.  The Company distributes natural gas to residential, commercial, and industrial customers in Delaware, Maryland, and Florida.  Chesapeake Utilities' propane is distributed to customers in Delaware, Maryland, and Virginia.

Xinjiang Xintai Natural Gas Co., Ltd. distributes and sells natural, liquefied petroleum, and manufactured gases throughout China.

Cia de Gas de Sao Paulo - COMGAS distributes natural gas throughout the Brazilian State of Sao Paulo. The Company supplies natural gas to industrial, commercial, and residential consumers in municipalities of Sao Paulo.

TOHO GAS CO., LTD. produces and supplies gas in Nagoya metropolitan area and the surrounding area.  The Company also produces gas-related products such as cokes and tars, and provides gas supply line work and home appliances.

Mahanagar Gas Limited (MGL) distributes natural gas. The Company provides gas to domestic customers such as hospitals, nursing homes, hotels, flight kitchens, and restaurants. MGL serves customers in India.

Zhongyu Gas Holdings Limited operates in exploration, exploitation, development and production of coal bed methane and the sale of coalbed methane in the PRC. It also develops, constructs and operates natural gas projects in PRC, which include design and construction of natural gas pipeline network and ancillary facilities, and sale and maintenance of natural gas and its appliances.

Northwest Natural Holding Company operates as a holding company. The Company, through its subsidiaries, builds and maintains natural gas distribution system, as well as invests in natural gas pipeline projects. Northwest Natural Holding serves residential, commercial, and industrial customers in the United States, Canada, and Service Territory.

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Perusahaan Gas Negara Perser (PGAS IJ)

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

Perusahaan Gas Negara (PGAS IJ) - Attractively Valued Amid Subsiding Overhangs

We believe PGAS shall maintain its gas distribution spread in the short-term, given ESDM and SKK MIGAS affirmation of no gas price increases for...

BRI Danareksa Research

The Stocks to Own in ASEAN – Vol. 47

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Five stocks remain, nine stocks added.

A. Stotz Investment 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

Morning Views Asia: Medco Energi

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)