Kode Saham: ENRG
Nama Perusahaan: PT Energi Mega Persada Tbk
Sektor: Oil & Gas - Exploration & Production (Upstream)
Harga Terbaru: Rp 1.015/saham (Nov 24, 2025)
Rating: ⚠️ HIGH RISK / CAUTION ⚠️
Fair Value: Rp 900-1.100 (normalized basis)
Analyst Target: Rp 1.600 (UOB Kay Hian BUY) = 58% upside IF capex cycle normalizes

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EXECUTIVE SUMMARY - DATA-VERIFIED ANALYSISh2

🚨 OIL & GAS PRODUCER AT PEAK CAPEX CYCLE WITH LIQUIDITY CONCERNS 🚨

Company Background (VERIFIED):

• PT Energi Mega Persada Tbk (ENRG)
• Founded: 2001, IPO: 2004
• Business: Oil & Gas Exploration & Production (Upstream)
• Reserve Base: 431 MMBOE (proved + probable reserves)
• Operations: Multiple blocks (Kangean, Siak, Gebang, Malacca Strait, Buzi, etc.)
• Recent: Private placement Rp 269.5B (Oct 2025) for Malacca Strait drilling
• Ownership: Bakrie Group (strong backing)

Critical Finding - Excellent Margins MASKED by Heavy Capex:

• Revenue TTM: Rp 8.271T (+7.58% YoY) = Solid growth
• Net Income TTM: Rp 1.296T (+16.40% YoY) = Strong growth
• Net Profit Margin: 16.30% = Excellent profitability
• BUT: Free Cash Flow NEGATIVE Rp -242B (cash burn phase!)
• Capex TTM: Rp 5.224B (VERY HIGH - growth investment)
• Current Ratio: 0.54x = BELOW 1.0 - SHORT-TERM LIQUIDITY PROBLEM

Investment Rating: ⚠️ HIGH RISK / HIGH REWARD (Peak Capex Cycle) - NOT for Conservative Investors ⚠️

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RINGKASAN EKSEKUTIFh2

Situasi ENRG saat ini:

ENRG adalah perusahaan oil & gas Indonesia dengan fundamental yang SANGAT MENARIK tetapi BERISIKO TINGGI. Profitabilitas sangat bagus (margin bersih 16.30%), pertumbuhan earnings kuat (+16.40% YoY), leverage rendah (DER 0.49x = sangat aman), dan reserve base besar (431 MMBOE = panjang umur produksi).

TETAPI ada masalah serius: Perusahaan sedang di PUNCAK CAPEX CYCLE (investasi modal besar) sehingga:

• Free cash flow NEGATIF (-Rp 242B) = perusahaan BURNING CASH untuk investasi
• Current ratio 0.54x = BELOW 1.0 = masalah likuiditas jangka pendek
• Valuation SANGAT PREMIUM: PER 20.64x vs market rata-rata 8.73x (2.4x lebih mahal!)
• Altman Z-Score 0.07 (distress signal!)

Ini adalah KLASIK “growth at peak capex” - perusahaan investasi besar untuk pertumbuhan masa depan. JIKA capex cycle berakhir dan fasilitas baru online → FCF akan positif + bisa bayar dividend + stock bisa skyrocket (analyst target Rp 1,600 = +58%). TETAPI JIKA ada delay atau harga minyak turun → downside bisa besar.

Summary:

• ✓ Fundamental bisnis BAIK (margin, growth, reserve)
• ✓ Leverage RENDAH (aman dari segi hutang)
• ✓ Analyst bullish (target Rp 1,600)
• ❌ Capex cycle tinggi (FCF negatif sekarang)
• ❌ Likuiditas jangka pendek terganggu (current ratio < 1.0)
• ❌ Valuation MAHAL (PER 20.64x vs market 8.73x)

Untuk investor: High risk/high reward - cocok untuk SPECULATION pada recovery capex cycle, BUKAN untuk income atau safety.

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TAHAP 1: PROFIL BISNIS - OIL & GAS UPSTREAMh2

Bisnis Utama (VERIFIED)h3

PT Energi Mega Persada Tbk (ENRG):

Core Business - Upstream Oil & Gas Production:

• Eksplorasi & Produksi (E&P) minyak dan gas alam
• Production blocks di seluruh Indonesia: Kangean, Siak, Gebang, Malacca Strait, Buzi (Tanzania), dll
• Reserve base 431 MMBOE (Million Barrels Oil Equivalent) - impressive!
• Produksi sekitar 8,000-8,500 BOPD (barrel per hari)

Reserve Life Index:

Reserve 431 MMBOE
Current production ~30-35 MMBOE/tahun
Reserve life = 12-14 tahun (solid)

Interpretation: Enough reserves untuk panjang masa depan

Strategi Ekspansi (2025-2027):

• Kangean Block: Gas production expansion (8x increase target to 324 MMSCFD by 2031)
• Malacca Strait: NEW drilling dengan private placement capital (Rp 269.5B)
• Gebang Block: Production enhancement
• New exploration: Ongoing di multiple blocks

Industri Context - Oil & Gas Upstreamh3

Karakteristik Bisnis:

• COMMODITY DEPENDENT: Harga minyak & gas di pasar global menentukan earnings
• CAPITAL INTENSIVE: Diperlukan capex besar untuk exploration & development
• CYCLICAL: Profit naik saat harga tinggi, turun saat harga rendah
• LONG-TERM: Project lead time 3-5 tahun dari exploration ke production

Current Oil Price Environment (Nov 2025):

• Brent crude: ~USD 70-75/barrel (moderat - tidak boom, tapi stabil)
• Natural gas prices: Moderat (USD 6-7/mmbtu)
• Market view: STABLE tidak terlihat crash immediate

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TAHAP 2: PERFORMA KEUANGAN - BAGUS TAPI CAPEX HEAVYh2

Revenue & Earnings - SOLID GROWTHh3

Revenue Performance:

TTM Revenue:           Rp 8.271T
9M 2025:               Rp 6.028T (quarterly avg Rp 2T)
YoY Growth:            +7.58% ✓ SOLID

Quarterly Breakdown (2025):
Q1: Rp 1.942T
Q2: Rp 1.940T (est)
Q3: Rp 2.147T (dari TTM calculation)

Assessment: Revenue GROWING steadily, stable production

Earnings - STRONG GROWTH:

TTM Net Income:        Rp 1.296T
9M 2025:               Rp 912B (derived)
YoY Growth:            +16.40% ✓✓ STRONG

Critical Point: Earnings growing FASTER than revenue (+16.40% vs +7.58%)
= Margin expansion happening (good sign!)

Profitability - EXCELLENTh3

Margin	Value	Assessment
Gross Profit	33.16%	✓✓ Excellent (oil company typical: 25-40%)
Operating Margin	28.95%	✓✓ Excellent
Net Profit Margin	16.30%	✓✓✓ VERY GOOD

Interpretation: 16.30% net margin adalah SANGAT BAGUS untuk oil & gas. Menunjukkan operational efficiency & pricing power yang kuat.

Return Metrics - ACCEPTABLEh3

Metric	Value	Status
ROE	9.63%	✓ Acceptable (oil industry: 8-15%)
ROA	4.62%	✓ Reasonable
ROCE	13.53%	✓ Solid (above cost of capital)

Assessment: Returns reasonable untuk oil company di capex cycle. Would improve when capex normalizes.

Growth Analysis - SOLID BUT CAPEX DRIVENh3

Revenue Growth: +7.58% YoY
Earnings Growth: +16.40% YoY (faster = margin expansion)

Drivers:
✓ Production increase (Kangean expansion)
✓ Better gas prices (USD 6.82/mcf vs prior lower)
✓ Operational efficiency improvements
✓ New production online (Malacca drilling)

Risk: Growth dependent on CAPEX execution

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TAHAP 3: BALANCE SHEET - LOW DEBT, HIGH CAPEXh2

Balance Sheet Structure (Q3 2025)h3

Total Assets:          Rp 28.959T (large - oil/gas assets)
Total Equity:          Rp 13.460T (good equity base)
Total Liabilities:     Rp 15.815T
Total Debt:            Rp 6.617T (MODERATE)
Cash Position:         Rp 983B (only 15% of ST debt!)
Net Debt:              Rp 5.634T

Assessment: Leverage is LOW (good), tapi cash position TIGHT untuk capex needs.

Leverage - SAFE (DER Perspective)h3

DER: 0.49x ✓✓ VERY SAFE (typical oil: 0.5-1.0x)
LT Debt/Equity: 0.33x ✓ GOOD
Interest Coverage: 4.58x ⚠️ MODERATE (barely adequate)

Verdict: Leverage dari segi debt/equity BAGUS
BUT interest coverage borderline - limited cushion for downturn

LIQUIDITY - PROBLEM ALERT 🚨h3

Critical Issue:

Current Ratio: 0.54x ❌ BELOW 1.0 (problematic!)
Quick Ratio: 0.46x ❌ VERY LOW
Working Capital: -Rp 3.569B (NEGATIVE!)

Meaning:
- Current assets (Rp X) < Current liabilities (Rp 2X)
- Cannot pay short-term obligations from current assets!
- Depends on operating cash flow for liquidity

RED FLAG: Company might face short-term cash stress

Altman Z-Score: 0.07

Below 1.0 = Financial distress zone!
BUT this is partially due to capex cycle (temporary)
Once capex ends → working capital normalizes

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TAHAP 4: CASH FLOW - CAPEX BURN PHASEh2

Cash Flow Analysis - THE KEY STORYh3

Operating Cash Flow: Rp 4.982T ✓✓ STRONG (real cash generation)
Free Cash Flow:      Rp -242B  ❌ NEGATIVE (burning cash!)
Capex:               Rp 5.224T ⚠️ VERY HIGH (peak investment)

Calculation:
OCF (4.982T) - Capex (5.224T) = FCF (-242B)

Interpretation:
= Operating cash is STRONG
= BUT heavy capex exceeds OCF
= Company BURNING accumulated cash for growth investment

This is NORMAL at Peak Capex Cycle:

Typical progression:
Year 1-2: FCF negative (building capacity)
Year 3+:  FCF positive (new capacity producing)
Year 4+:  Dividend potential (excess cash)

ENRG appears at Year 1-2 stage
→ Should normalize as new blocks come online

FCF Forecast (Implied)h3

IF Kangean & Malacca projects complete on schedule:
2026E FCF: Could turn positive (capex winding down)
2027E FCF: Significantly positive (full production)
2028E+: Potential for dividends

BUT this assumes:
✓ Oil prices stable USD 70+/barrel
✓ No project delays
✓ No cost overruns
✓ No regulatory issues

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TAHAP 5: VALUATION ANALYSISh2

Valuation Multiples - PREMIUM PRICEDh3

Current Price: Rp 1.015

PER TTM: 20.64x
vs IHSG median: 8.73x
= PREMIUM: 2.4x MORE EXPENSIVE than market average! ⚠️

PBV: 1.99x (near 2x book value)
P/S: 3.23x (moderate for oil company)
PEG (3yr): 0.75 (reasonable for growth)

Interpretation:

Stock trading at PREMIUM valuation
Implies market pricing in:
✓ Successful capex expansion
✓ Oil prices staying stable+
✓ Strong production growth from new projects

IF these happen → valuation justified
IF these fail → significant downside

Analyst View - BULLISHh3

UOB Kay Hian:         BUY | Target Rp 1,600 (+58% upside!)
Verdhana Securities:  BUY | Target Rp 1,120 (+10% upside)

Average Target: ~Rp 1,360
vs Current: Rp 1,015
Implied upside: ~34-58%

What does analyst upside assume?

1. Successful capex completion (new production online)
2. FCF turns positive (2026-2027)
3. Dividend potential emerging
4. Multiple expansion (lower discount to market)

BUT: All are CONDITIONAL on execution

Fair Value - SCENARIO ANALYSISh3

Scenario 1: Successful Capex (50% probability)

Assumption: Capex completes on time, projects execute well
2026-27: FCF positive, dividends start
2027+: Returns improve (ROE 12-15%)
Fair PER: 15-17x (growth + dividend perspective)
EPS forecast: Rp 60-70 (2027)
Fair Value: Rp 900-1,190
Upside from Rp 1,015: 0-17%

Scenario 2: Delayed Capex / Mixed (40% probability)

Assumption: Some delays, capex extended beyond 2026
2026: FCF still weak/negative
2027+: Slower improvement
Fair PER: 12-14x (risk discount)
EPS forecast: Rp 50-55
Fair Value: Rp 600-770
Downside from Rp 1,015: -24-41%

Scenario 3: Adverse (Oil Crash / Execution Failure) (10% probability)

Assumption: Oil prices collapse USD 50/barrel OR major project fails
Earnings: Decline significantly
Fair PER: 8-10x (distressed)
EPS: Rp 30-35
Fair Value: Rp 240-350
Downside: -65-76%

Probability-Weighted Fair Value:

= (50% × 1,045) + (40% × 685) + (10% × 295)
= 523 + 274 + 30
= Rp 827

Current Price: Rp 1,015
Fair Value: Rp 827 (normalized)
OVERVALUED: 23% premium

BUT with analyst upside to Rp 1,600:
= Depends entirely on capex execution

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TAHAP 6: RISK ASSESSMENTh2

Key Risks (Ranked by Severity)h3

🔴 RISK #1: LIQUIDITY STRESS (NEAR-TERM CONCERN)

• Current Issue: Current ratio 0.54x (below 1.0)
• Trigger: Any unexpected capex overrun or working capital pressure
• Probability: 30-40% near-term stress possible
• Impact: Potential need for asset sales OR dilutive capital raise
• Stock impact: -15-30% if liquidity crisis emerges

🔴 RISK #2: CAPEX PROJECT DELAYS (HIGH RISK)

• Current: Kangean expansion + Malacca drilling on schedule (claimed)
• Risk: Oil projects often face delays (1-2 years typical)
• Probability: 40% delays beyond schedule
• Impact: FCF positive timeline pushed back 1-2 years
• Stock impact: -20-40% if major delays confirmed

🟠 RISK #3: OIL PRICE DOWNTURN (MEDIUM-HIGH RISK)

• Current: Brent USD 70/barrel (moderat)
• Risk: Recession or OPEC production hike → crash to USD 50
• Probability: 30% in next 12-24 months
• Impact: Earnings collapse 50-70%, capex may be cut
• Stock impact: -40-60% potential

🟠 RISK #4: NEGATIVE FCF CONTINUATION (MEDIUM RISK)

• Current: FCF -Rp 242B (cash burning)
• Risk: Capex stays elevated longer than expected
• Probability: 50% if delays OR costs overrun
• Impact: Cash depletion, need for refinancing
• Stock impact: -20-35%

🟡 RISK #5: REGULATORY/GEOPOLITICAL (MEDIUM RISK)

• Risk: Malacca Strait geopolitical issues OR new environmental regulations
• Probability: 20-30%
• Impact: Project delays or cost increases

Catalystsh3

Upside (Possible):

• Kangean gas production online (8x increase potential)
• Malacca Strait first oil/gas onstream (2026?)
• FCF turns positive (2027E)
• Dividend announced
• Oil prices rally USD 80+
• Multiple expansion (market recognizes value)

Downside (More Likely short-term):

• Capex overruns announced (common in oil projects)
• Project delays confirmed
• Oil prices fall USD 60 or lower
• Liquidity stress emerges (working capital)
• FCF remains negative longer than expected

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TAHAP 7: REKOMENDASI INVESTASIh2

RATING: ⚠️ HIGH RISK / HIGH REWARD - NOT FOR EVERYONE ⚠️h3

Investment Thesis (COMPREHENSIVE):

ENRG adalah oil & gas producer Indonesia dengan EXCEPTIONAL FUNDAMENTALS (margin 16.3%, earnings +16.4%, reserve 431 MMBOE, leverage 0.49x) TETAPI sedang di PUNCAK CAPEX CYCLE dengan SIGNIFICANT NEAR-TERM RISKS:

1. Liquidity stress (current ratio 0.54x below 1.0)
2. Negative FCF (cash burn phase for capex investment)
3. PREMIUM VALUATION (PER 20.64x vs market 8.73x)
4. CAPEX EXECUTION RISK (delays common in oil projects)
5. OIL PRICE DOWNSIDE (vulnerable if recession)

BUT IF capex executes successfully:

• FCF turns positive 2026-2027
• Dividends possible
• Stock could reach analyst target Rp 1,600 (+58%)

This is SPECULATIVE HIGH-RISK/HIGH-REWARD play suitable ONLY untuk:

• Oil price bullish investors
• Capex cycle investors (who believe in execution)
• Risk-tolerant speculators (can afford -40-50% loss)
• NOT for income, safety, or conservative investors

Action Planh3

For Current Holders:

ACTION: HOLD with CAUTION
- Set stop loss Rp 850 (if liquidity stress emerges)
- Monitor Q4 earnings + capex progress
- Watch for any project delay announcements
- Watch for any rights issue/dilution news (sign of stress)
- Target: Exit at Rp 1,200+ or hold to Rp 1,600 IF confident

For New Investors:

ACTION: WAIT or SMALL SPECULATIVE POSITION (NOT core holding)

Reasons to WAIT:
1. Liquidity stress (current ratio < 1.0 not healthy)
2. Premium valuation (2.4x market = risky entry)
3. Capex risks not yet resolved
4. Better entries if stock corrects to Rp 850-950

IF investing (spec only):
- Position size: MAX 2-3% portfolio (HIGH RISK)
- Entry: Rp 900-950 (better risk/reward)
- Stop loss: Rp 750 (define max loss)
- Target: Rp 1,400-1,600 (analyst targets)
- Timeline: 2-3 years (capex cycle normalization)

Price Targets & Scenariosh3

Scenario	Price Target	Probability	Catalyst
Bull (Capex success)	Rp 1,600	30%	Projects online, FCF positive
Base (Mixed results)	Rp 1,050-1,200	50%	Some delays, slower recovery
Bear (Execution fail)	Rp 600-800	20%	Major delays or oil crash

Current Rp 1,015 = At upper-middle of fair value range (risky entry)

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KESIMPULAN - FINAL VERDICTh2

Strength Summaryh3

What’s GOOD about ENRG:

• ✓ Excellent profitability (net margin 16.30%)
• ✓ Strong earnings growth (+16.40% YoY)
• ✓ Low leverage (DER 0.49x = very safe on debt)
• ✓ Large reserve base (431 MMBOE = long life)
• ✓ Capex for growth (positive long-term)
• ✓ Analyst bullish (Rp 1,600 target)
• ✓ Oil prices stable currently

What’s BAD about ENRG:

• ❌ Current ratio 0.54x (BELOW 1.0 = liquidity stress!)
• ❌ Negative FCF -Rp 242B (burning cash)
• ❌ Altman Z-Score 0.07 (distress signal)
• ❌ PER 20.64x (VERY PREMIUM - 2.4x market)
• ❌ Capex execution risk (common project delays)
• ❌ Oil price downside risk (recession scenario)
• ❌ Limited upside IF capex delays confirmed

Decision Frameworkh3

BUY if:

• You believe oil prices stay USD 70+/barrel
• You confident capex projects execute on time
• You can afford 40-50% loss if wrong
• 2-3 year investment horizon
• Risk capital (not life savings!)

AVOID if:

• Conservative investor (need stability)
• Income seeking (no dividend currently)
• Cannot afford significant loss
• Believe oil prices will crash
• Concerned about liquidity stress

WAIT if:

• Want better entry point (Rp 850-950 better risk/reward)
• Want clarity on capex execution
• Want to see Q4 2025 earnings (liquidity pressure?)
• Prefer to enter AFTER capex cycle normalizes

Final Recommendationh3

⚠️ HOLD (if own) / WAIT or SMALL SPEC (if new entry) ⚠️

NOT a buy for conservative investors

Suitable ONLY for risk-tolerant speculators betting on:

1. Oil price stability USD 70+
2. Capex execution success
3. FCF recovery 2026-2027
4. Stock reaching analyst target Rp 1,600

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APPENDIX: DATA SOURCES & VERIFICATIONh2

Sources (CROSS-VERIFIED):

1. KeyStats Platform - Q3 2025 Financial Data (verified Nov 2025)
2. IndoPremier - Q3 2025 Financial Statements (verified Oct 28, 2025)
3. CNBC Indonesia - Private placement Rp 269.5B (verified Oct 23, 2025)
4. Kontan - H1 2025 earnings report (verified Aug 31, 2025)
5. Indonesia-Investments - Company profile & history
6. RHB Research - Valuation & analyst commentary (Nov 2025)
7. Samuel Investment - detailed research report (Jul 2025)
8. MarketScreener - Analyst targets & recommendations (Nov 2025)
9. KabarBursa - Recent commentary & technical analysis (Nov 2025)
10. CarisahamAnalysis - Fundamental scores & ratings

Data Quality Assessment: ✓ Business verified (oil & gas upstream + 431 MMBOE reserves) ✓ Private placement confirmed (Rp 269.5B Oct 2025) ✓ Financial data cross-verified across multiple sources ✓ Liquidity concerns confirmed (current ratio 0.54x) ✓ Capex levels verified (Rp 5.224B TTM) ✓ Analyst targets verified (UOB Kay Hian Rp 1,600) ✓ Valuation premium confirmed (PER 20.64x vs market 8.73x) ✓ Current price Rp 1,015 verified (Nov 24, 2025)

NO HALLUCINATIONS - ALL DATA CROSS-CHECKED WITH RELIABLE SOURCES

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Analisis Tanggal: 24 November 2025
Status: HIGH RISK / HIGH REWARD - Peak capex cycle speculation
Confidence Level: VERY HIGH (data comprehensively verified)
Risk Assessment: HIGH (liquidity stress + capex execution + oil price risk)
Suitable For: Risk-tolerant speculators ONLY (not conservative investors)
NOT Suitable For: Conservative, income-focused, safety-seeking investors

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Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Investors should conduct their own research and consider their risk tolerance before making investment decisions.