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■ 22% 2026-31F CAGR backed by aggressive expansions with Japanese partner. Through strategic acquisitions across Indonesia, ENRG’s active expansions in its oil and gas portfolio with 2020-2024 CAGR of 21.2% for oil and 10.8% for gas, has established a strong foundation towards future growth. In addition, ENRG has signed SPA with JAPEX, one of Japan’s most established and forward-looking energy companies, to acquire the remaining 25% stake in East Java’s Kangean Block (now 100% owned by ENRG) while divesting 50% of Gebang in North Sumatra.
■ NPR to strengthen capital structure and unlock value from largest oil asset. Following its EGM on June 26th, ENRG, in the next 12 months, will issue up to 2.5bn new shares through Non Pre-emptive Rights Issue (NPR) offering, with potential proceeds of IDR 595.7bn (estimated at 240/sh).
■ BUY with IDR 650 TP (+35.4% upside) on diminishing green ambition. We are of the view that oil & gas companies like ENRG will see better supported fundamentals, helped by fossil fuels increased usage over longer periods as renewables face challenges ahead.
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
