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

Wintermar Offshore Marine / Equity Bottom-Up

<ul><li>We visited WINS’s recently acquired WM Mentawai PSV, which is currently running tests on vessel capability.</li><li>We expect stronger earnings for WINS in 2H24 and FY25 derived from higher charter rates and new vessels acquired. </li><li>We maintain a Buy rating on WINS with a TP of Rp760. Key risks include lower charter and utilization rate.</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 visited WINS’s recently acquired WM Mentawai PSV, which is currently running tests on vessel capability.We expect stronger earnings for WINS in 2H24 and FY25 derived from higher charter rates and new vessels acquired. We maintain a Buy rating on WINS with a TP of Rp760. Key risks include lower charter and utilization rate.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.

WINS IJ - Recently Acquired WM Mentawai PSV to Bolster Earnings Growth in 2H24 Onwards

<ul><li>We expect DCR to be supported by growing demand paired with supply tightness in the Gulf of Mexico, W. Africa, and S. America. </li><li>We forecast WINS to deliver 117%/90% core EPS growth in FY24-25E through higher utilization, daily rates, and higher vessel count.</li><li>We initiate with a Buy rating on WINS as it is attractively positioned in the cycle; our TP is Rp760 (blended of PB and PE)</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 expect DCR to be supported by growing demand paired with supply tightness in the Gulf of Mexico, W. Africa, and S. America. We forecast WINS to deliver 117%/90% core EPS growth in FY24-25E through higher utilization, daily rates, and higher vessel count.We initiate with a Buy rating on WINS as it is attractively positioned in the cycle; our TP is Rp760 (blended of PB and PE)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.

Wintermar Offshore Marine - Riding the Charter Rates Upcycle; Initiate with Buy

Indonesia

PT Wintermar Offshore Marine Tbk offers offshore support services, primarily for the oil and gas industry.  The Company owns and operates a fleet of vessels including AHTS and PSVs equipped with Dynamic Positioning System, and also manages and charters third party vessels. Over the past years, Wintermar has expanded out of Indonesia and now operates in 12 countries, supported by a strong and professional team and high quality vessels.

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Wintermar Offshore Marine (WINS IJ)

WINS IJ - Recently Acquired WM Mentawai PSV to Bolster Earnings Growth in 2H24 Onwards

We visited WINS’s recently acquired WM Mentawai PSV, which is currently running tests on vessel capability. We expect stronger earnings for WINS in...

BRI Danareksa Research

Wintermar Offshore Marine - Riding the Charter Rates Upcycle; Initiate with Buy

We forecast WINS to deliver 117%/90% core EPS growth in FY24-25E through higher utilization, daily rates, and higher vessel count.

BRI Danareksa Research

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