External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

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Equity Bottom-Up

<ul><li>Company Update:23 December 2025 Strong 3Q25 sales volume amid pricing headwinds.</li><li>Geo Energy reported a 100% YoY surge in sales volume to 3.4Mt in 3Q25, driving revenue to US$136.6mn, a 62% YoY increase.</li><li>However, net profit declined 55% YoY to US$3.2mn due to softer ICI4 coal prices averaging US$42.10/tonne down from US$51.64/tonne in 3Q24.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Company Update:23 December 2025 Strong 3Q25 sales volume amid pricing headwinds.Geo Energy reported a 100% YoY surge in sales volume to 3.4Mt in 3Q25, driving revenue to US$136.6mn, a 62% YoY increase.However, net profit declined 55% YoY to US$3.2mn due to softer ICI4 coal prices averaging US$42.10/tonne down from US$51.64/tonne in 3Q24.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geo Energy Resources Ltd (GERL SP/RE4.SI): Sales Volume Doubled in 3Q25...

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Geo Energy's dividend policy commits to at least 30% of profit, with recent dividends showing a 25% increase.</li><li>In 1H2025, Geo Energy nearly doubled sales volume, boosting revenue by 71% and achieving US$20.1 million net profit.</li><li>Geo Energy's integrated infrastructure supports revenue diversification through toll and jetty usage fees, enhancing financial stability.</li></ul>

Geo Energy's dividend policy commits to at least 30% of profit, with recent dividends showing a 25% increase.In 1H2025, Geo Energy nearly doubled sales volume, boosting revenue by 71% and achieving US$20.1 million net profit.Geo Energy's integrated infrastructure supports revenue diversification through toll and jetty usage fees, enhancing financial stability.

10 in 10 with Geo Energy Resources - Bridging the gap of Energy and Infrastructure

<ul><li>Company Update:10 June 2025 Strong first quarter sales volume.</li><li>Geo Energy reported a 94% YoY surge in sales volume to 3.5Mt, driving revenue to US$166.4mn and net profit to US$14.1mn, despite softer ICI4 coal prices.</li><li>Its cash profit margin dipped to US$11.16/tonne, reflecting pricing pressures.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Company Update:10 June 2025 Strong first quarter sales volume.Geo Energy reported a 94% YoY surge in sales volume to 3.5Mt, driving revenue to US$166.4mn and net profit to US$14.1mn, despite softer ICI4 coal prices.Its cash profit margin dipped to US$11.16/tonne, reflecting pricing pressures.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geo Energy Resources Ltd (GERL SP/RE4.SI): Sales Volume Doubled in the First Quarter

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>We examine <a href="https://www.smartkarma.com/entities/geo-energy-resources-ltd" target="_blank" data-smartkarma-citation="entities:8717:1" rel="noopener">Geo Energy Resources (GERL SP)</a>, an Indonesian coal producer listed in Singapore, which has an opportunity to grow production/profitability by 150%/500% in two years. </li>
<li>For FY25, based on our assumptions (50 USD/ton coal price, ten million ton sales), the stock trades at 5x PE,3.7x EV-EBITDA, and a 6% dividend yield (30% payout ratio). </li>
<li>Subject to execution on the new TRA mine, we will see 25 mnt sales in FY27/28, resulting in 1.3x PE and &gt;30% dividend yield (assuming a higher payout of 40%). </li>
</ul>


We examine Geo Energy Resources (GERL SP), an Indonesian coal producer listed in Singapore, which has an opportunity to grow production/profitability by 150%/500% in two years. 
For FY25, based on our assumptions (50 USD/ton coal price, ten million ton sales), the stock trades at 5x PE,3.7x EV-EBITDA, and a 6% dividend yield (30% payout ratio). 
Subject to execution on the new TRA mine, we will see 25 mnt sales in FY27/28, resulting in 1.3x PE and &gt;30% dividend yield (assuming a higher payout of 40%). 


Geo Energy Group (GERL SP): The Case For a >30% Yield in FY27-28

<ul><li>Infrastructure expansion and cost efficiency. Geo Energy’s US$150mn investment in the MBJ Integrated Infrastructure Project is on track for completion by 1H26.</li><li>The project includes a 92km hauling road and jetty, which will reduce transportation costs by over US$10 per tonne and double production capacity to 25Mt per year.</li><li>Additionally, third-party leasing of the infrastructure is expected to create additional revenue streams, enhancing long-term cash flow and profitability.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Infrastructure expansion and cost efficiency. Geo Energy’s US$150mn investment in the MBJ Integrated Infrastructure Project is on track for completion by 1H26.The project includes a 92km hauling road and jetty, which will reduce transportation costs by over US$10 per tonne and double production capacity to 25Mt per year.Additionally, third-party leasing of the infrastructure is expected to create additional revenue streams, enhancing long-term cash flow and profitability.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geo Energy Resources Ltd (GERL SP/RE4.SI): Resilient Performance Amid Coal Market Volatility.

Singapore

Geo Energy Resources Limited is a coal mining specialist based in Indonesia. The Company owns and operates coal mines.

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Geo Energy Resources (GERL SP)

Geo Energy Resources Ltd (GERL SP/RE4.SI): Sales Volume Doubled in 3Q25...

Geo Energy reported a 100% YoY surge in sales volume to 3.4Mt in 3Q25, driving revenue to US$136.6mn, a 62% YoY increase.

KGI Securities

10 in 10 with Geo Energy Resources - Bridging the gap of Energy and Infrastructure

Geo Energy's dividend policy commits to at least 30% of profit, with recent dividends showing a 25% increase. In 1H2025, Geo Energy nearly doubled...

Singapore Exchange Ltd (SGX)

Geo Energy Resources Ltd (GERL SP/RE4.SI): Sales Volume Doubled in the First Quarter

Geo Energy reported a 94% YoY surge in sales volume to 3.5Mt, driving revenue to US$166.4mn and net profit to US$14.1mn, despite softer ICI4 coal...

KGI Securities

Geo Energy Group (GERL SP): The Case For a >30% Yield in FY27-28

The company announced a positive profit alert for Q1 FY25 (https://links.sgx.com/FileOpen...

Sameer Taneja

Geo Energy Resources Ltd (GERL SP/RE4.SI): Resilient Performance Amid Coal Market Volatility.

Infrastructure expansion and cost efficiency. Geo Energy’s US$150mn investment in the MBJ Integrated Infrastructure Project is on track for...

KGI Securities

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