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><p><em>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.</em></p>

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><p><em>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.</em></p>

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

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><p><em>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.</em></p>

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>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><p><em>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.</em></p>

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.

Cross Asset Strategy

<ul><li>Indofood CBP Sukses Makmur: Margins improvement on the cards (ICBP.IJ IDR 10,125 BUY.TP IDR 12,400)</li><li>2023 should be another good year for consumer companies including ICBP as we expect back-to-normal activities.</li><li>Indofood Sukses Makmur: A value proxy for ICBP (INDF.IJ IDR 6,275 BUY.TP IDR 7,600)</li></ul><div><div><div id="ember2434"><div><div><div><div><div><div id="ember4187"><div><div><div><div><div><div id="ember2532"><div><div><p><em>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.</em></p></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>

Indofood CBP Sukses Makmur: Margins improvement on the cards (ICBP.IJ IDR 10,125 BUY.TP IDR 12,400)2023 should be another good year for consumer companies including ICBP as we expect back-to-normal activities.Indofood Sukses Makmur: A value proxy for ICBP (INDF.IJ IDR 6,275 BUY.TP IDR 7,600)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 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.

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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

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

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

Equity Snapshot: April 06, 2023

Indofood CBP Sukses Makmur: Margins improvement on the cards (ICBP.IJ IDR 10,125 BUY.TP IDR 12,400). 2023 should be another good year for consumer...

BRI Danareksa Research

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