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. 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.

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

<ul><li>We reiterate our Buy rating on MEDC with a TP of IDR1,900 as we see upside in earnings and reserve in 2024F onwards from the potentially accretive prospective Middle East asset acquisition and the potential release of Tanzania 2P Reserves.</li><li>Expect the potential Middle East acquisition to be completed at end of 2023. Medco entered into an agreement to acquire a 20% non-operating stake in a Middle East O&amp;G asset in Aug23, with management expecting the deal to be closed by end of FY23.</li><li>According to Fitch report, the potential new block may add production rate of 13 mboped and 2P reserves of 56 mmboe (net MEDC’s ownership). </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 reiterate our Buy rating on MEDC with a TP of IDR1,900 as we see upside in earnings and reserve in 2024F onwards from the potentially accretive prospective Middle East asset acquisition and the potential release of Tanzania 2P Reserves.Expect the potential Middle East acquisition to be completed at end of 2023. Medco entered into an agreement to acquire a 20% non-operating stake in a Middle East O&amp;G asset in Aug23, with management expecting the deal to be closed by end of FY23.According to Fitch report, the potential new block may add production rate of 13 mboped and 2P reserves of 56 mmboe (net MEDC’s ownership). 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.

Medco Energi International (MEDC IJ) - A Potentially More Compelling Growth Story in FY24