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

Equity Bottom-Up

<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

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>SAC Capital gives Reclaims Global a 'buy' rating with a target of 49.7 cents.</li><li>JP Morgan raises DBS TP to $70; upgrades OCBC, SGX to 'overweight', UOB to 'neutral'.</li><li>UOB Kay Hian rates Soon Hock Enterprise as 'buy' with a target price of 68 cents.</li></ul>

SAC Capital gives Reclaims Global a 'buy' rating with a target of 49.7 cents.JP Morgan raises DBS TP to $70; upgrades OCBC, SGX to 'overweight', UOB to 'neutral'.UOB Kay Hian rates Soon Hock Enterprise as 'buy' with a target price of 68 cents.

Singapore Market Roundup (28-Nov-2025): SAC Capital rates Reclaims Global 'buy' at 49.7 cents.

<ul><li>UOB Kay Hian initiates 'buy' on Soon Hock Enterprise, targeting 68 cents.</li><li>RHB's Yeo lowers Thai Beverage target price to 62 cents, forecasts FY2026 improvement.</li><li>Geo Energy's 3QFY2025 disappoints; Chew keeps 59 cents target price.</li></ul>

UOB Kay Hian initiates 'buy' on Soon Hock Enterprise, targeting 68 cents.RHB's Yeo lowers Thai Beverage target price to 62 cents, forecasts FY2026 improvement.Geo Energy's 3QFY2025 disappoints; Chew keeps 59 cents target price.

Singapore Market Roundup (27-Nov-2025): UOB Kay Hian rates Soon Hock Enterprise a 'buy' at 68

<ul><li>ISOTeam's FY2025 earnings disappoint; RHB lowers rating to 'neutral' from 'buy'</li><li>LHN’s Coliwoo spin-off boosts value; self-storage segment offers growth: UOBKH</li><li>SMIDs may outpace fundamentals; OCBC warns caution with ‘Next 50’ indices launch.</li></ul>

ISOTeam's FY2025 earnings disappoint; RHB lowers rating to 'neutral' from 'buy'LHN’s Coliwoo spin-off boosts value; self-storage segment offers growth: UOBKHSMIDs may outpace fundamentals; OCBC warns caution with ‘Next 50’ indices launch.

Singapore Market Roundup (26-Sep-2025): ISOTeam's FY2025 earnings fall short; RHB cuts rating to

<ul>
<li>OCBC's Lim raises Nanofilm's fair value to 79 cents, citing uncertain outlook.</li>
<li>Brokers’ Digest: Suntec REIT, BRC Asia, YZJ Financial, CNMC Goldmine, Prime US REIT.</li>
<li>Maybank and DBS lift Sea Limited target prices due to higher Shopee take-rates.</li>
</ul>


OCBC's Lim raises Nanofilm's fair value to 79 cents, citing uncertain outlook.
Brokers’ Digest: Suntec REIT, BRC Asia, YZJ Financial, CNMC Goldmine, Prime US REIT.
Maybank and DBS lift Sea Limited target prices due to higher Shopee take-rates.


Singapore Market Roundup (11-Sep-2025): OCBC's Lim Ups Nanofilm's Fair Value to 79 Cents

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 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

Singapore Market Roundup (28-Nov-2025): SAC Capital rates Reclaims Global 'buy' at 49.7 cents.

SAC Capital rates Reclaims Global as 'buy' at 49.7 cents. JP Morgan raises DBS to $70; upgrades OCBC, SGX to 'overweight', UOB to 'neutral'. UOB...

Singapore Market Roundup

Singapore Market Roundup (27-Nov-2025): UOB Kay Hian rates Soon Hock Enterprise a 'buy' at 68

UOB Kay Hian rates Soon Hock Enterprise as 'buy' with a 68 cents target; RHB lowers Thai Beverage to 62 cents; Geo Energy's 3QFY2025 disappoints,...

Singapore Market Roundup

Singapore Market Roundup (26-Sep-2025): ISOTeam's FY2025 earnings fall short; RHB cuts rating to

ISOTeam's FY2025 earnings disappoint, prompting RHB to downgrade to 'neutral.' LHN's Coliwoo spin-off boosts value; self-storage offers growth,...

Singapore Market Roundup

Singapore Market Roundup (11-Sep-2025): OCBC's Lim Ups Nanofilm's Fair Value to 79 Cents

OCBC's Lim raises Nanofilm's fair value to 79 cents amid uncertainty. Maybank and DBS increase Sea Limited target prices due to higher Shopee take...

Singapore Market Roundup

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