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In the last 5 trading days, Brent prices rose +2.3% WoW (from USD 73.1/bbl), while WTI increased +2.9% WoW (from USD 71.6/bbl), driven by heightened investor confidence as the market entered the new year.
Investors started the first trading day of 2025 with optimism around China’s economy and fuel demand following President Xi Jinping’s New Year address, which hinted at proactive policies to promote growth in 2025. This, coupled with bets on colder temperatures across US and Europe, provided support for oil prices.
In FY24, average oil price reached USD 79.8/bbl (SSI: USD 80/bbl). For FY25, we set our forecast at USD 72/bbl (YTD: USD 73.1/bbl), down 10% YoY, as we anticipate sustained price pressure and potential supply increases from certain OPEC+ members. However, extended production cuts into 4Q24 and 2025 may provide some upside. MEDC remains our top pick with target price of IDR 2,200, reflecting FY25F valuation of 5.1x EV/EBITDA.
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.
