Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>RHB's Yeo is optimistic about Food Empire, setting a target price of $3.36.</li><li>RHB keeps 'buy' rating and $11.20 target on CDL before strategic review.</li><li>Analysts' views on Seatrium remain steady after an uneventful 1QFY2026.</li></ul>

RHB's Yeo is optimistic about Food Empire, setting a target price of $3.36.RHB keeps 'buy' rating and $11.20 target on CDL before strategic review.Analysts' views on Seatrium remain steady after an uneventful 1QFY2026.

Singapore Market Roundup (03-Jun-2026): RHB's Yeo sets a target price of $3.36 for Food Empire.

Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

Equity Bottom-Up

<ul><li>Geo’s May 2026 update raises the size of the investor question. MBJ is closer to completion, ResInvest has signed a term sheet at a US$1.5bn valuation marker, and Marine Logistics is now part of the group.</li><li>These changes give Marga Baya Jaya (MBJ) stronger external support than it had in our April 2026 report.</li><li>But the quarter itself was weak. Revenue was US$95.8m, net profit was US$4.0m and coal sales were 1.8mt.</li></ul>

Geo’s May 2026 update raises the size of the investor question. MBJ is closer to completion, ResInvest has signed a term sheet at a US$1.5bn valuation marker, and Marine Logistics is now part of the group.These changes give Marga Baya Jaya (MBJ) stronger external support than it had in our April 2026 report.But the quarter itself was weak. Revenue was US$95.8m, net profit was US$4.0m and coal sales were 1.8mt.

Geo Energy Resources Limited 1QFY2026 Results Update

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 wrote our first insight on <a target="_blank">Geo Energy Resources (GERL SP)</a>, titled <a target="_blank">"Geo Energy Group (GERL SP): The Case For a &gt;30% Yield in FY27-28 </a>," in December 2024. </li>
<li>Fast forward 15 months (and a ~130% share price move), and we recently <a href="https://youtu.be/fAhxfZXeQnI?si=aX4UPfRCzayPYKVN" target="_blank" rel="noopener">hosted a webinar with the company,</a> where we gained valuable insights into its future expansion plans. </li>
<li>Trading at 5x EV-EBITDA, <a href="https://geoenergy.listedcompany.com/newsroom/20260317_173026_RE4_CPMWJD77ZP0CXISE.1.pdf" target="_blank" rel="noopener">based on guidance of 170-200 mn USD at ICI4 prices of 60 USD/ton</a>, the stock is still cheap. </li>
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We wrote our first insight on Geo Energy Resources (GERL SP), titled "Geo Energy Group (GERL SP): The Case For a &gt;30% Yield in FY27-28 ," in December 2024. 
Fast forward 15 months (and a ~130% share price move), and we recently hosted a webinar with the company, where we gained valuable insights into its future expansion plans. 
Trading at 5x EV-EBITDA, based on guidance of 170-200 mn USD at ICI4 prices of 60 USD/ton, the stock is still cheap. 


Geo Energy Resources (GERL SP): Several Positive Catalysts To Drive Profitability

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

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<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/504/825/original/engageIR%20Webinar%20banner%20%282%29.png?1755850919" class="editor-image img-responsive" data-smartkarma-image-id="504825"></figure>
<p>Smartkarma hosted the Geo Energy Resources management team and Insight Provider, <a href="https://www.smartkarma.com/profiles/sameer-taneja-a0539e0c-84dd-4e66-9c40-6e598edfb4c5" target="_blank" data-smartkarma-citation="accounts:352" rel="noopener">Sameer Taneja</a>, in an exclusive Corporate Webinar on 30 March '26. They dove into the company's latest results and future growth strategy. </p>
<p>Catch the full discussion below: </p>
<div style="display: flex; justify-content: center; align-items: center;"><iframe src="https://www.youtube.com/embed/fAhxfZXeQnI?si=zX7yg5HsXZBKxStb" width="560" height="315" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="allowfullscreen"></iframe></div>
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<p>For our next Corporate Webinar, engageIR by Smartkarma is glad to welcome <a href="https://www.smartkarma.com/entities/geo-energy-resources-ltd" target="_blank" data-smartkarma-citation="entities:8717" rel="noopener">Geo Energy Resources (GERL SP)</a>’s team to Smartkarma. We will be joined by their Group Chief Financial Officer, Adam Tan, and Group Chief Operating Officer, Philip Hendry, along with Smartkarma Insight Provider <a href="https://www.smartkarma.com/profiles/sameer-taneja-a0539e0c-84dd-4e66-9c40-6e598edfb4c5" target="_blank" data-smartkarma-citation="accounts:352" rel="noopener">Sameer Taneja.</a></p>
<p>In the upcoming webinar, the Geo Energy team will share a short company presentation after which they will engage in a fireside chat with Sameer. The Corporate Webinar will include a live Q&amp;A session.</p>
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<h3>The Corporate Webinar will be hosted on Monday, 30 March 2026, 11:00 SGT.</h3>
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<h2><a href="https://www.engageir.co/webinar-registration-form-march2025/" target="_blank" rel="noopener">Register for the Webinar Here</a></h2>
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<h3>About Geo Energy Resources</h3>
<p>Geo Energy Resources is a leading Indonesian energy group with a successful track record spanning more than 15 years. The Group’s growth strategy is anchored on three key segments:</p>
<ul>
<li>Coal mining: The primary growth driver with low-ash and low-sulphur thermal coal.</li>
<li>Road and jetty infrastructure: Providing a streamlined and cost-effective<br>logistical solution to the Group and third-party users.</li>
<li>Marine logistics: Supports the increased transshipment requirements for the<br>Group’s coal production and enhancing overall operational and cost efficiency.</li>
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<p>For more information on Geo Energy Resources please visit <a href="https://www.geocoal.com/" target="_blank" rel="noopener">https://www.geocoal.com/</a><br><br><iframe src="//www.youtube.com/embed/D6S0EABazyc" width="640" height="360"></iframe></p>
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Smartkarma hosted the Geo Energy Resources management team and Insight Provider, Sameer Taneja, in an exclusive Corporate Webinar on 30 March '26. They dove into the company's latest results and future growth strategy. 
Catch the full discussion below: 


For our next Corporate Webinar, engageIR by Smartkarma is glad to welcome Geo Energy Resources (GERL SP)’s team to Smartkarma. We will be joined by their Group Chief Financial Officer, Adam Tan, and Group Chief Operating Officer, Philip Hendry, along with Smartkarma Insight Provider Sameer Taneja.
In the upcoming webinar, the Geo Energy team will share a short company presentation after which they will engage in a fireside chat with Sameer. The Corporate Webinar will include a live Q&amp;A session.

The Corporate Webinar will be hosted on Monday, 30 March 2026, 11:00 SGT.












Register for the Webinar Here












About Geo Energy Resources
Geo Energy Resources is a leading Indonesian energy group with a successful track record spanning more than 15 years. The Group’s growth strategy is anchored on three key segments:

Coal mining: The primary growth driver with low-ash and low-sulphur thermal coal.
Road and jetty infrastructure: Providing a streamlined and cost-effective logistical solution to the Group and third-party users.
Marine logistics: Supports the increased transshipment requirements for the Group’s coal production and enhancing overall operational and cost efficiency.

For more information on Geo Energy Resources please visit https://www.geocoal.com/  


Smartkarma Corporate Webinar | Geo Energy: Rising Coal Prices And Infrastructure Advantage

<ul><li>FY2025 was a stronger operating year than the initiation case had assumed, but it was still not the year that fully proved the broader strategic build-out.</li><li>Sales rose 62% to 12.8mt, production rose to 12.5mt, and revenue rose 40% to US$562.7m despite weaker Indonesia Coal Index 4 (ICI4) pricing.</li><li>Cash cost per tonne fell to US$34.10 from US$40.32, which helped defend margins in a softer benchmark year. </li></ul>

FY2025 was a stronger operating year than the initiation case had assumed, but it was still not the year that fully proved the broader strategic build-out.Sales rose 62% to 12.8mt, production rose to 12.5mt, and revenue rose 40% to US$562.7m despite weaker Indonesia Coal Index 4 (ICI4) pricing.Cash cost per tonne fell to US$34.10 from US$40.32, which helped defend margins in a softer benchmark year. 

Geo Energy Resources Limited: Results Update

Singapore

Geo Energy Resources is an established coal mining group operating in Indonesia, focusing on low-cost production of premium coal with low-ash and low-sulphur characteristics. The company's core activities include owning and operating coal mines, providing mining contracting services, and trading coal. Headquartered in Singapore, the company was established in 2008.

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Geo Energy Resources (GERL SP)

Singapore Market Roundup (03-Jun-2026): RHB's Yeo sets a target price of $3.36 for Food Empire.

RHB's Yeo targets $3.36 for Food Empire, maintains 'buy' on CDL at $11.20 before review, while analysts' views on Seatrium stay steady post 1QFY2026.

Singapore Market Roundup

Geo Energy Resources Limited 1QFY2026 Results Update

Geo’s May 2026 update raises the size of the investor question. MBJ is closer to completion, ResInvest has signed a term sheet at a US$1.5bn...

ICAM