Stock Name: RH PetroGas^
Company Name: RH PETROGAS LIMITED
Research House: Kim Eng
Company Name: RH PETROGAS LIMITED
Research House: Kim Eng
Kim Eng starts RH Petrogas (T13.SG) at Buy with a target of $1.35 based on a conservative sum-of-the-parts valuation of its oil field assets.
“We expect the company to cement its place as a major player in the regional upstream energy sector...(the company) is backed by the Rimbunan Hijau Group, one of the largest conglomerates in Malaysia. RHP is therefore able to leverage the broader capabilities and financial strength of the group. It is also likely that there will be more oil field assets injected into RHP from the RH Group,” Kim Eng says.
The house expects RH Petrogas to issue new equity shares to fund its development parts and Temasek may become a significant shareholder under the terms of the sale of Orchard Energy.
The stock is +10% at $0.82.
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