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><p><em>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.</em></p>

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...

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.

<ul><li>Chew raises TeleChoice target price to 27.5 cents due to mobile logistics growth.</li><li>RHB's Yeo maintains 'buy' on HRnetGroup, raises target price to 83 cents.</li><li>Wong raises FEHT target price to 75 cents on tourism recovery and value potential.</li></ul>

Chew raises TeleChoice target price to 27.5 cents due to mobile logistics growth.RHB's Yeo maintains 'buy' on HRnetGroup, raises target price to 83 cents.Wong raises FEHT target price to 75 cents on tourism recovery and value potential.

Singapore Market Roundup (17-Mar-2026): Chew raises TeleChoice target to 27.5 cents on growth.

<ul><li>CGSI keeps 'add' on Oiltek, lowers target to 94 cents due to reduced revenue.</li><li>Chew of PhillipCapital increases Geo Energy's target price to 75 cents.</li><li>ST Engineering and Addvalue benefit from defense trends, says Maybank.</li></ul>

CGSI keeps 'add' on Oiltek, lowers target to 94 cents due to reduced revenue.Chew of PhillipCapital increases Geo Energy's target price to 75 cents.ST Engineering and Addvalue benefit from defense trends, says Maybank.

Singapore Market Roundup (16-Mar-2026): CGSI maintains 'add' rating on Oiltek, target at 94 cents.

Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

<ul>
<li>The iEdge Singapore Next 50 is effectively a global growth proxy, with ~51% of revenues generated offshore, sharply reducing reliance on Singapore’s domestic and banking cycles.</li>
<li>Its mid-cap, real-asset and industrial skew creates structurally different earnings drivers from the STI, tied to trade flows, infrastructure, healthcare, and technology capex rather than credit growth.</li>
<li>The index offers diversification without governance compromise, using Singapore’s regulatory framework as a platform to access faster-growing ASEAN, Indian, and global markets.</li>
</ul>


The iEdge Singapore Next 50 is effectively a global growth proxy, with ~51% of revenues generated offshore, sharply reducing reliance on Singapore’s domestic and banking cycles.
Its mid-cap, real-asset and industrial skew creates structurally different earnings drivers from the STI, tied to trade flows, infrastructure, healthcare, and technology capex rather than credit growth.
The index offers diversification without governance compromise, using Singapore’s regulatory framework as a platform to access faster-growing ASEAN, Indian, and global markets.


The Global Footprint of the iEdge Singapore Next 50

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 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

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

Singapore Market Roundup (17-Mar-2026): Chew raises TeleChoice target to 27.5 cents on growth.

Chew raises TeleChoice target to 27.5c; RHB's Yeo maintains 'buy' on HRnetGroup, target at 83c; Wong raises FEHT target to 75c on tourism recovery.

Singapore Market Roundup

Singapore Market Roundup (16-Mar-2026): CGSI maintains 'add' rating on Oiltek, target at 94 cents.

CGSI maintains 'add' on Oiltek, lowering target to 94 cents. Chew raises Geo Energy's target to 75 cents. ST Engineering and Addvalue benefit from...

Singapore Market Roundup

The Global Footprint of the iEdge Singapore Next 50

The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Golden Section Capital

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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

Singapore Market Roundup (17-Mar-2026): Chew raises TeleChoice target to 27.5 cents on growth.

Chew raises TeleChoice target to 27.5c; RHB's Yeo maintains 'buy' on HRnetGroup, target at 83c; Wong raises FEHT target to 75c on tourism recovery.

Singapore Market Roundup

Singapore Market Roundup (16-Mar-2026): CGSI maintains 'add' rating on Oiltek, target at 94 cents.

CGSI maintains 'add' on Oiltek, lowering target to 94 cents. Chew raises Geo Energy's target to 75 cents. ST Engineering and Addvalue benefit from...

Singapore Market Roundup

The Global Footprint of the iEdge Singapore Next 50

​The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Golden Section Capital

The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...