Comprehensive and Data-Driven Reports, RHT Capital

RHT Capital

Comprehensive and Data-Driven Reports

We are a boutique corporate finance advisory firm based in Singapore, with a focused team of experienced professionals. We advise listed companies and growing enterprises on corporate finance transactions and regulatory matters, providing practical and considered advice tailored to each client’s circumstances. We are a Capital Market Services (“CMS”) license holder from the Monetary Authority of Singapore (“MAS”), and a Full Sponsor approved by the Singapore Exchange (“SGX”).

Equity Bottom-Up

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Structural cost reset, not a coal-price bet.
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The MBJ integrated haul road + barging chain (capex ~US$150 mil) removes third-party trucking on TRA coal and takes ~US$7–8/t out of the annual cost base.
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That is a self-help margin gain that survives a flat coal price.
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Structural cost reset, not a coal-price bet.


The MBJ integrated haul road + barging chain (capex ~US$150 mil) removes third-party trucking on TRA coal and takes ~US$7–8/t out of the annual cost base.


That is a self-help margin gain that survives a flat coal price.



Geo Energy: Direct Hormuz Play, Limited by Domestic Reforms

One-Stop Financial Services, uSMART Securities Pte Ltd

uSMART Securities

One-Stop Financial Services

uSMART Securities Pte Ltd

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

<ul><li>We upgrade Geo Energy to OUTPERFORM from HOLD and raise our TP to S$0.56 from S$0.42, implying 10.9% price upside from the 7 August pre-results close of S$0.505.</li><li>FY2025 showed weak shareholder earnings and cash conversion despite strong volume growth; 1H2026 now shows better unit economics but still negative operating cash flow.</li><li>MBJ’s July start and firmer coal prices support a 2H recovery, while higher debt and the US$107.6m MBJ deferred liability keep execution and deleveraging in focus.</li></ul>

We upgrade Geo Energy to OUTPERFORM from HOLD and raise our TP to S$0.56 from S$0.42, implying 10.9% price upside from the 7 August pre-results close of S$0.505.FY2025 showed weak shareholder earnings and cash conversion despite strong volume growth; 1H2026 now shows better unit economics but still negative operating cash flow.MBJ’s July start and firmer coal prices support a 2H recovery, while higher debt and the US$107.6m MBJ deferred liability keep execution and deleveraging in focus.

Geo Energy Resources Limited: MBJ Goes Live; Execution and Cash Conversion Now Drive the Re-Rating

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.

<ul><li>Revenue fell 28.5% and profit for the period fell 22.4%, to US$15.6m, which on that statement alone is an ordinary down period.</li><li>But total assets rose US$240.6m, cash fell US$46.1m and operating cash flow went negative, each moving several times harder than profit did.</li><li>The period's event was the balance sheet growing on issued shares and vendor credit, and the cash going out to build it.</li></ul>

Revenue fell 28.5% and profit for the period fell 22.4%, to US$15.6m, which on that statement alone is an ordinary down period.But total assets rose US$240.6m, cash fell US$46.1m and operating cash flow went negative, each moving several times harder than profit did.The period's event was the balance sheet growing on issued shares and vendor credit, and the cash going out to build it.

Geo Energy Resources Limited 1HFY2026 Results Update

Smartkarma Investor Relations, Smartkarma engageIR

Smartkarma engageIR

Smartkarma Investor Relations

engageIR leverages Smartkarma's research ecosystem and extensive global investor network to help corporates discover, engage, and convert shareholders at scale.

In this installment of engageIR’s corporate insights, we join the management team of Geo Energy Resources at its 1HFY2026 earnings call held on 26 August 2026, 10am.

<iframe src="//www.youtube.com/embed/EW_c0iA8xXM" width="640" height="360"></iframe>View the transcript here - <a href="https://on.skr.ma/4zCKy1X" target="_blank" rel="noopener">https://on.skr.ma/4zCKy1X</a>  Passcode: 1H72N1&amp;3 Disclaimer: engageIR serves exclusively as Investor Relations representatives, acting under client authorization to disseminate the information presented. The client is fully responsible for the content herein, and any views expressed are the client’s own and do not represent those of the Smartkarma Group.

In this installment of engageIR’s corporate insights, we join the management team of Geo Energy Resources at its 1HFY2026 earnings call held on 26 August 2026, 10am.

View the transcript here - https://on.skr.ma/4zCKy1X  Passcode: 1H72N1&amp;3  Disclaimer: engageIR serves exclusively as Investor Relations representatives, acting under client authorization to disseminate the information presented. The client is fully responsible for the content herein, and any views expressed are the client’s own and do not represent those of the Smartkarma Group. 

Geo Energy Resources 1HFY2026 Earnings Call

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

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<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

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)

Geo Energy: Direct Hormuz Play, Limited by Domestic Reforms

Structural cost reset, not a coal-price bet. The MBJ integrated haul road + barging chain (capex ~US$150 mil) removes third-party trucking on...

RHT Capital

Geo Energy Resources Limited: MBJ Goes Live; Execution and Cash Conversion Now Drive the Re-Rating

We upgrade Geo Energy to OUTPERFORM from HOLD and raise our TP to S$0.56 from S$0.42, implying 10.9% price upside from the 7 August pre-results...

uSMART Securities

Geo Energy Resources Limited 1HFY2026 Results Update

Revenue fell 28.5% and profit for the period fell 22.4%, to US$15.6m, which on that statement alone is an ordinary down period.

ICAM

Geo Energy Resources 1HFY2026 Earnings Call

In this installment of engageIR’s corporate insights, we join the management team of Geo Energy Resources at its 1HFY2026 earnings call

Smartkarma engageIR

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

Geo Energy is a top Indonesian coal miner scaling to 25M tons/year (from 12M/tons). Integrating coking coal, shipping, and haulage infrastructure...

Sameer Taneja

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