CONRAD ASIA ENERGY LIMITED (CRD)
Share Price Analysis and Chart

15/04/2025

1

Speculative Buy

$1.35

98.53%

Bell Potter lowers its oil price forecasts across 2025-2027 by -13%, -16% and -16%, respectively, to US$68/bbl, US$65/bbl, and US$68/bbl. The long-term (real) estimate is also reduced by -13% to US$70/bbl.

Sweeping changes to tariffs in the US, along with retaliatory measures from major economies, have significantly altered the global economic growth outlook, explains the broker, reducing expectations for future energy demand.

The target for Conrad Asia Energy is $1.35. Speculative Buy.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -5.85 cents.
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -9.54 cents.

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17/03/2025

1

Speculative Buy

$1.80

164.71%

Canaccord Genuity lowered the gas sale price forecast for Conrad Asia Energy's Mako field following the Indonesian Ministry's directive to sell all gas domestically via PT PLN Energi Primer.

The broker notes this will result in the termination of existing gas sales agreements.

The broker believes the new agreement will help the farm-down process but needs more clarity on whether it will impact indicative proposals from financial institutions for around US$350m debt for Mako.

The broker pushed back the forecast for the first production to 2H of 2027. Target price cut to $1.80 from $2.17, and Speculative Buy retained.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -8.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -6.77 cents.